Australia: Shares rise on mining, energy boost; Crown Resorts soars

[BENGALURU] Australian shares rose on Thursday, helped by mining and energy stocks on strong commodity prices, while troubled casino owner Crown Resorts surged about 9 per cent to be among top gainers on the benchmark index after a sweetened offer from Blackstone.

The S&P/ASX 200 index rose 0.4 per cent to 7,438.9 points by 2327 GMT, extending gains from the previous session.

Capping the gains was caution among investors after latest US inflation data showed surging price pressures could reinforce bets that the Federal Reserve will soon be raising interest rates.

Crown Resorts' leap was its highest in more than seven months after US investment giant Blackstone Inc's raised offer valued the company at A$8.87 billion (S$8.7 billion).

Among indexes, miners led the gains with their jump of 1.8 per cent to their highest level since mid-August last year. This was also their fifth straight day of advances.

Nickel Mines hit a record high, up as much as 4.2 per cent, as nickel prices soared on supply fears.

The energy sub-index climbed 1.5 per cent to its highest level in over two months as oil prices reached two-month highs.

Coal miner Whitehaven Coal and Beach Energy were up 3.5 per cent and 4 per cent, lifting the sub-index further.

Gold stocks gained for a third straight day, up 0.6 per cent, as bullion prices strengthened over a weaker dollar.

Heavyweight financial shares also added 0.3 per cent, with banking major Australia and New Zealand Banking Group rising 0.6 per cent, while National Australia Bank was up 0.7 per cent.

Tech stocks, however, took a beating, losing 0.6 per cent, even as its US peers gained overnight.

New Zealand's benchmark S&P/NZX 50 index rose 0.2 per cent to 12,824.32 points. In other markets, the tech-heavy Nasdaq gained 0.2 per cent overnight, while the S&P 500 E-minis futures were up 2.75 points.

REUTERS