Australia: Shares rise on upbeat corporate earnings, tech push

[BENGALURU] Australian shares rose on Friday as a handful of upbeat earnings reports and firmer technology stocks outweighed losses in miners and energy names.

The S&P/ASX 200 index rose 0.6 per cent to 7,511.3 points by 0045 GMT, after having fallen 0.5 per cent on Thursday.

Tech stocks rose 0.8 per cent, tracking its Wall Street peers higher. Electronics equipment maker Codan led the gains, which rose as much as 4 per cent after reporting an over 50 per cent profit jump in fiscal 2021.

Financials were up 0.8 per cent with the "Big Four" banks gaining between 0.04 per cent and 1.2 per cent.

Inghams group rose as much as 9 per cent and was among the top gainers on the benchmark index. The poultry producer reported a two-fold jump in its statutory net profit.

Gold stocks, however, slid 1.6 per cent as bullion prices eased. Heavyweight miner Newcrest Mining was down 2.8 per cent while West African Resources fell 2.4 per cent.

Miners were down 0.4 per cent to their lowest level in over four months on subdued commodity prices.

The top three miners, BHP Group, Rio Tinto and Fortescue Metals fell between 0.5 per cent and 1.2 per cent. New Zealand's benchmark S&P/NZX 50 index was marginally down 0.03 per cent to 12,954.18 points.

Two positive Covid-19 cases were detected in New Zealand's capital of Wellington and the government is due to decide whether it would extend or end the snap lockdown declared earlier this week.

REUTERS