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Australia shares gain as commodity rally lifts risk appetite

08/24/2021 | 09:48pm EST

Aug 25 (Reuters) - Australia shares rose on Wednesday, as energy firms and miners rallied on improving commodity prices, while a slew of upbeat annual results in the final week of the domestic corporate earnings season lifted investors' risk appetite.

The S&P/ASX 200 index was up 0.41% at 7,533.5 points, as of 0114 GMT. The benchmark closed 0.2% higher at 7,503 points on Tuesday.

Major miners rose 1.9% tracking iron ore prices, which jumped more than 6% overnight as easing worries over the COVID-19 outbreak in China helped calm nerves after several days of sell-offs driven by demand concerns. Rising COVID-19 infections caused by the highly contagious Delta variant have fuelled concerns about the recovery from the pandemic. But markets have largely overlooked that this week.

Sector heavyweights - BHP Group and Fortescue Metals advanced between 1.1% and 4.3% while miner Champion Iron Ltd led gains on the sub-index with a 4.66% jump.

Aurelia Metals Ltd climbed up to 5.3% after the gold and base metals explorer reported a 31% jump in its annual net profit after income tax.

Energy stocks rose 1.3%, tracking a 3% overnight jump in global oil prices, which were lifted by reports that Mexico suffered a large fire-related production outage.

Fuel supplier Viva Energy Group Ltd led gains on the sub-index, advancing 3.84%, followed by Ampol Ltd gaining 2.09%.

Global logistics software maker Wisetech Global was the top gainer on the local bourse, surging 29.8% to hit a record high on delivering 18% revenue growth for the year and meeting the top end of its forecast range.

Animal nutrition solutions provider Ridley Corporation climbed as much as 12.3% on restoring its final dividend after rebounding from a loss a year earlier.

New Zealand's benchmark S&P/NZX 50 index was up 0.59% at 13,149.6 points.

Elsewhere, Japan's Nikkei was up 0.28% at 27811.1 points, while S&P 500 E-minis futures were down 0.01%.

(Reporting by Riya Sharma in Bengaluru, Editing by Sherry Jacob-Phillips)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMPOL LIMITED -3.54% 29.17 End-of-day quote.2.64%
AURELIA METALS LIMITED 5.13% 0.41 End-of-day quote.-4.65%
BHP GROUP -1.53% 38.03 End-of-day quote.-10.37%
CHAMPION IRON LIMITED -3.43% 4.5 End-of-day quote.-5.26%
FORTESCUE METALS GROUP LIMITED -3.86% 17.19 End-of-day quote.-26.63%
RIDLEY CORPORATION LIMITED -1.81% 1.355 End-of-day quote.48.09%
S&P/ASX 200 -0.54% 7239.8 Real-time Quote.10.51%
VIVA ENERGY GROUP LIMITED -3.51% 2.2 End-of-day quote.11.73%
WISETECH GLOBAL LIMITED -2.40% 51.63 End-of-day quote.67.90%
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