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Australian shares rise as miners, energy stocks boost

06/07/2022 | 09:13pm EDT

June 8 (Reuters) - Australian shares rose on Wednesday, lifted by gains in mining and energy stocks, while banks slipped after the country's central bank hiked interest rates by the most in 22 years.

The S&P/ASX 200 index was up 0.6% at 7,136.40 by 0037 GMT, snapping a two-session losing streak. The benchmark slid 1.5% on Tuesday.

In other key markets, Japan's Nikkei rose 0.7% at 28,138.94 and S&P 500 E-minis futures fell 0.2%.

At its policy meeting on Tuesday, the Reserve Bank of Australia stunned markets by lifting its cash rate by 50 basis points to 0.85%. The last time it hiked by more was in early 2000.

The metals and mining index led gains on the local bourse, jumping 2% to hit more than one-month high, even as iron ore prices retreated after Chinese demand for the steelmaking ingredient spurred an earlier rally.

The mining trio BHP Group, Rio Tinto and Fortescue Metals Group climbed 1.1%-2.9%.

Energy stocks gained 2.2% on rising oil prices.

Major oil and gas producers Woodside Energy Group and Santos rose 0.9% and 2.3%, respectively.

Strong bullion prices lifted gold stocks up 1.9%, with Newcrest Mining and Northern Star Resources rising 1.5% and 2%, respectively.

Financials dropped 1.5%, set to record a three-day losing streak. Australia's so-called "Big Four" banks lost between 0.9% and 2.1%.

Atlas Arteria surged 15.2% on fund manager IFM Global Infrastructure Fund acquiring a 15% stake in the issued securities of the toll road operator and contemplating a potential takeover bid.

Boral Ltd jumped 5.8% after the construction materials maker appointed former boss of ASX-listed Cleanaway Waste Management Vik Bansal as its chief executive officer and managing director.

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 11,295.43.

(Reporting by Upasana Singh; Editing by Rashmi Aich)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ATLAS ARTERIA LIMITED -0.25% 7.99 Delayed Quote.15.75%
BHP GROUP LIMITED -1.34% 38.3 Delayed Quote.-6.46%
BORAL LIMITED -2.68% 2.9 Delayed Quote.-51.15%
CLEANAWAY WASTE MANAGEMENT LIMITED -0.36% 2.73 Delayed Quote.-12.46%
FORTESCUE METALS GROUP LIMITED -0.63% 18.83 Delayed Quote.-1.35%
NEWCREST MINING LIMITED -1.12% 19.46 Delayed Quote.-20.51%
NORTHERN STAR RESOURCES LIMITED -0.60% 8.28 Delayed Quote.-11.48%
SANTOS LIMITED -1.00% 6.96 Delayed Quote.11.41%
WOODSIDE ENERGY GROUP LTD -0.34% 31.79 Delayed Quote.45.46%
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