Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Australian shares rise on energy and mining boost

08/23/2022 | 09:40pm EST

Aug 24 (Reuters) - Australian shares rose on Wednesday after two straight sessions of falls, with energy and mining stocks leading the recovery on firm commodity prices, while concerns over aggressive rate hikes and slowing growth across the globe checked risk appetite.

Market participants are waiting for a U.S. Federal Reserve gathering later this week in Jackson Hole, Wyoming, where Chair Jerome Powell is expected to reinforce a strong commitment to stamp out inflation running at four-decades high.

The S&P/ASX 200 index had risen 0.6% to 7,001.7 by 0101 GMT, after shedding 2.2% in the previous two sessions.

Leading the gains, energy stocks rose 2.3% to their highest since June 14 after oil prices jumped nearly 4% overnight on possible OPEC+ output cuts. Sector majors Santos Ltd and Woodside Energy Group rose 1.2% and 2.3%, respectively.

Miners advanced 1.7% to their highest since June 17, with Rio Tinto, BHP Group and Fortescue Metals adding between 0.4% and 2.2%.

Gold miners slipped 0.9%, with Newcrest Mining , the country's largest gold miner, shedding as much as 1.3%.

Among individual stocks, AUB Group gained 2.8% after the insurance firm posted a 14.5% rise in full-year profit.

Software solutions provider WiseTech Global rose 8.5% after the company raised its dividend and reported a jump in annual profit.

On the other hand, Coles Group tumbled 4.1% after the Melbourne-based retailer flagged higher costs for the 2023 fiscal year.

New Zealand's benchmark S&P/NZX 50 index was largely unchanged, with Spark New Zealand up 1.7% after the telecommunications firm increased its dividend outlook for FY23 on robust earnings.

The country's central bank said it would seek feedback on its policy review for branches of overseas banks operating in the country, which it expects to implement from 2023.

(Reporting by Roushni Nair in Bengaluru; Editing by Subhranshu Sahu)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUB GROUP LIMITED 0.17% 23.19 Delayed Quote.-8.24%
BHP GROUP LIMITED 2.43% 46.89 Delayed Quote.39.45%
BRENT OIL 0.62% 87.4 Delayed Quote.11.95%
COLES GROUP LIMITED -0.09% 16.77 Delayed Quote.-6.47%
FORTESCUE METALS GROUP LIMITED 5.23% 20.75 Delayed Quote.2.45%
NEWCREST MINING LIMITED -0.43% 21.01 Delayed Quote.-13.85%
RIO TINTO PLC -0.25% 5584 Delayed Quote.14.15%
S&P/ASX 200 0.28% 7320.9 Real-time Quote.-1.92%
SANTOS LIMITED 2.03% 7.295 Delayed Quote.13.31%
SPARK NEW ZEALAND LIMITED -0.29% 5.175 End-of-day quote.14.49%
WISETECH GLOBAL LIMITED -1.51% 57.125 Delayed Quote.-1.04%
WOODSIDE ENERGY GROUP LTD 0.84% 35.99 Delayed Quote.62.84%
WTI 0.59% 81.633 Delayed Quote.6.45%
Latest news "Economy"
05:43pEndangered monarch butterflies in Mexico see comeback
RE
05:35pApple and Amazon resume advertising on Twitter - reports
RE
05:35pUK Labour's Starmer supports plans to spread power away from Westminster
RE
05:25pGenesis Creditor Groups' Loans Amount To $1.8 Billion And Counting - CoinDesk, Citing Sources
RE
05:25pGenesis creditor groups' loans amount to $1.8 bln and counting -…
RE
04:48pMarketmind: China Politburo smoke signals
RE
04:43pSouth Korea's FX reserves post biggest monthly gain in 13 on weaker dollar
RE
04:41pUkrainians in Kherson wait for loved ones to cross frontline river
RE
04:31pGeorge Clooney, Amy Grant, Gladys Knight, U2 to get Kennedy Center awards
RE
04:12pUk transport secretary harper on rmt's rejection of rdg offer sa…
RE
Latest news "Economy"