Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Australia shares rise as Omicron fears ease, commodity stocks rally

12/07/2021 | 07:29pm EST

Dec 8 (Reuters) - Australian shares rose on Wednesday, led by mining and energy stocks on sharp rises in iron ore and oil prices, buoyed by hopes of limited disruption from the Omicron coronavirus variant.

The S&P/ASX 200 index rose 0.65% to 7,361.4 by 2338 GMT, set for extending gains for a fourth straight session. The benchmark ended 0.95% higher on Tuesday.

The gains also come a day after the central bank retained interest rates at 0.1%, keeping the economy flush with cash to allow a full economic recovery from the pandemic.

Mining stocks rose as much as 2.2% to hit a two-month high, after a strong rally in benchmark iron ore futures.

BHP, Rio Tinto and Fortescue all jumped between 2.5% and 3.5% each.

Energy stocks advanced as much as 2.1% after oil prices surged more than 3% overnight, building on a nearly 5% rise the previous day as Omicron fears eased.

Woodside Petroleum gained as much as 2.2%, after the country's biggest independent oil and gas company said it would invest $5 billion in new energy products to curb its emmissions.

The merger of oil majors Santos and Oil Search received the approval of Papua New Guinea's competition regulator, sending shares of the companies up as much as 4% and 3.7%, respectively.

Tech stocks jumped as much as 2.2% in their best session in nearly two weeks, tracking a tech-powered rally on Wall Street.

Afterpay climbed as much as 4.5%, while Xero and Wisetech Global gained 2.1% and 3.1%, respectively.

New Zealand's benchmark S&P/NZX 50 index was up 1.09% to 12,747.24 by 2338 GMT.

($1 = 1.4051 Australian dollars) (Reporting by Harshita Swaminathan; Editing by Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -0.73% 67.95 Delayed Quote.-18.14%
BHP GROUP 1.19% 46.7 Delayed Quote.11.20%
FORTESCUE METALS GROUP LIMITED -0.10% 20.75 Delayed Quote.8.12%
OIL SEARCH -2.42% 4.04 End-of-day quote.0.00%
S&P 500 -1.65% 4585.11 Delayed Quote.-2.17%
SANTOS LIMITED 0.14% 7.07 Delayed Quote.11.89%
WISETECH GLOBAL LIMITED -0.06% 54.06 Delayed Quote.-7.66%
WOODSIDE PETROLEUM LTD -0.16% 25.2 Delayed Quote.15.09%
XERO LIMITED 0.79% 120.56 Delayed Quote.-15.43%
Latest news "Economy & Forex"
12:23pWall St falls on tech drag; GS profit miss triggers bank selloff
RE
12:23pU.S. wheat rallies; corn, soybeans fall
RE
12:22pItalian microelectronics company Technoprobe plans Milan listing
RE
12:21pGold slips on firm dollar, yields as focus turns to Fed meet
RE
12:21pCanadian natural disasters caused insured losses of C$2.1 billion in 2021
RE
12:19pWHO says no evidence healthy children, adolescents need COVID-19 boosters
RE
12:12pPoorest should get EU climate fund sooner, lawmakers say
RE
12:07pELON MUSK : Tesla investors urge judge to order Musk repay $13 billion for SolarCity deal
RE
12:02pU.S. antitrust enforcers plan to toughen merger guidelines
RE
12:00pScotiabank investors see Citi's Mexican unit as good fit, CEO downplays interest
RE
Latest news "Economy & Forex"