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Australian shares rebound on boost from banks, tech

06/22/2022 | 09:49pm EDT

June 23 (Reuters) - Australian equities climbed on Thursday after closing slightly lower in the previous session, as gains in financial and tech stocks outweighed losses in mining and energy shares.

The S&P/ASX 200 index rose 0.59% to 6,546.7 by 0059 GMT. The benchmark had ended 0.23% lower on Wednesday.

Wall Street's main indexes had erased losses overnight after Federal Reserve Chair Jerome Powell's comments on the central bank's aim to bring down inflation, but then they faded into the close.

Recession worries, however, appear to be paradoxically supporting the stock market by halting the climb in bond yields, which relieves concerns about share market valuations.

In Australia, financials advanced 1.1%, with the "Big Four" banks trading in positive territory. Commonwealth Bank of Australia, the country's biggest lender, climbed 0.5%, while National Australia Bank led the gains, with a rise of 1.3% to a near two-week high.

Tech stocks jumped the most in a week, climbing 2.1%. ASX-listed shares of Block Inc advanced 4.3% to hit their highest in a week, while battery materials and tech firm Novonix surged 3.1%.

Energy stocks skidded 2.5% to be the biggest laggards on the main index, after oil prices tumbled overnight as investors worried that Fed rate hikes could push the U.S. economy into recession, dampening demand for fuel.

Sector heavyweights Woodside Energy and Santos declined 3.5% and 3.3%, respectively, with Santos hitting its lowest since March 17.

Mining stocks fell 2.1% after benchmark iron ore futures tumbled on Wednesday as worries grew about steel oversupply in China, the world's biggest producer of the manufacturing and construction material.

Sector heavyweights BHP Group, Rio Tinto and Fortescue dropped between 3.3% and 5.1%, with Fortescue hitting its lowest since Nov. 29.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index rose 0.95% to 10,780.4.

(Reporting by Riya Sharma in Bengaluru; Editing by Subhranshu Sahu)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.27% 0.71195 Delayed Quote.-2.46%
BHP GROUP LIMITED -0.82% 38.83 Delayed Quote.-5.66%
BLOCK, INC. 1.57% 87.41 Delayed Quote.-46.76%
BRITISH POUND / US DOLLAR (GBP/USD) -0.43% 1.214 Delayed Quote.-9.75%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.13% 0.782 Delayed Quote.-1.04%
COMMONWEALTH BANK OF AUSTRALIA -0.51% 100.34 Delayed Quote.-0.15%
EURO / US DOLLAR (EUR/USD) -0.57% 1.02618 Delayed Quote.-9.23%
FORTESCUE METALS GROUP LIMITED -0.73% 18.94 Delayed Quote.-0.68%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.02% 0.012564 Delayed Quote.-5.85%
LONDON BRENT OIL -0.98% 98.37 Delayed Quote.27.42%
NATIONAL AUSTRALIA BANK LIMITED 0.82% 30.78 Delayed Quote.5.86%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.24% 0.6449 Delayed Quote.-6.33%
NOVONIX LIMITED -8.56% 2.99 Delayed Quote.-67.46%
S&P/ASX 200 -0.54% 7032.5 Real-time Quote.-5.02%
SANTOS LIMITED 0.84% 7.18 Delayed Quote.12.84%
WOODSIDE ENERGY GROUP LTD 3.74% 32.77 Delayed Quote.44.05%
WTI -1.60% 92.556 Delayed Quote.24.73%
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