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Australian shares hit over 1-week high on miners boost

09/12/2022 | 02:50am EST

* Most sub-indexes rise

* ASX 200 up for third straight day

* Miners, banks lead gains

* NZX 50 hits over 3-week high

Sept 12 (Reuters) - Australian shares on Monday closed at their highest in more than a week, lifted by miners and banking stocks, with investors awaiting a critical reading on U.S. inflation due on Tuesday.

The S&P/ASX 200 index ended 1% higher at 6,964.50 points. The benchmark also marked a rise for a third consecutive session.

"There's a general consensus that the ASX is looking more attractive," said Brad Smoling, managing director at Smoling Stockbroking.

"We should have a reasonable sort of rally this week on the ASX."

Global markets are eyeing U.S. consumer prices report for August for any signs of cooling in inflation, which could impact the Federal Reserve's aggressive policy tightening path.

Australia's unemployment rate for August is also on investors' radar, with data for it scheduled to be released later this week.

The metals and mining index led gains, climbing 2.2% to hit a more than one-week high. Iron ore futures rose to two-week highs last week.

Heavyweights BHP Group, Rio Tinto and Fortescue Metals rose between 1.8% and 3.5%.

Financials advanced 1.1%, with the country's four largest lenders rising between 0.5% and 1.4%. Westpac joined the other three "Big Four" banks and raised its variable home loan interest rates by 50 basis points.

Technology stocks gained 1.5% as they tracked Wall Street's rally on Friday. ASX-listed shares of Block ended 4.9% higher, while Computershare and Xero advanced 1.8% and 0.9%, respectively.

An overnight uptick in bullion prices also supported gold stocks, adding 0.3% to hit a two-week high. Newcrest Mining and Northern Star Resources rose 0.5% and 0.1%, respectively.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 closed 0.5% higher at 11,813.21 points, hitting an over three-week high. Dairy firm a2 Milk rose 2.9% and was among the top gainers. (Reporting by Upasana Singh in Bengaluru; editing by Uttaresh.V)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED 0.09% 46.6 Delayed Quote.41.89%
COMPUTERSHARE LIMITED -0.37% 26.71 Delayed Quote.34.05%
FORTESCUE METALS GROUP LIMITED 2.27% 21.17 Delayed Quote.7.76%
NEWCREST MINING LIMITED 1.12% 20.8 Delayed Quote.-15.03%
NORTHERN STAR RESOURCES LIMITED 0.19% 10.72 Delayed Quote.13.71%
RIO TINTO PLC -1.13% 5616 Delayed Quote.16.11%
S&P GSCI CLASS III MILK (USD) -2.06% 149.0357 Real-time Quote.-3.28%
S&P/ASX 200 -0.85% 7229.4 Real-time Quote.-2.06%
THE A2 MILK COMPANY LIMITED 0.30% 6.79 End-of-day quote.14.50%
WESTPAC BANKING CORPORATION -0.76% 23.57 Delayed Quote.11.24%
XERO LIMITED -4.20% 68.8 Delayed Quote.-49.22%
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