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