Dec 7 (Reuters) - Australian shares rose on Tuesday, powered
by gains in energy stocks after oil prices climbed overnight on
hopes that the Omicron coronavirus variant would have a less
damaging economic impact if its symptoms proved mostly mild.
The S&P/ASX 200 index was up 0.7% at 7,292.0 by 1136
GMT. The benchmark had closed 0.05% higher on Monday.
Investors were also awaiting the Reserve Bank of Australia's
policy decision later in the day, where it is expected to hold
the cash rate at a record low.
Grocery distributor Metcash, up over 3%, was one of
the top gainers on the benchmark for the second straight
session, after a solid half-year earnings report on Monday.
Among sub-indexes, energy stocks led gains with a 1%
jump after oil prices rebounded nearly 5% overnight. Beach
Energy Ltd was the top gainer, up 3.21%, followed by
Oil Search Ltd, rising 2.39%.
Oil Search was also boosted by an exchange filing saying
that its proxy votes came heavily in favour of its A$8.8 billion
($6.21 billion) buyout bid by Santos.
Technology stocks rose 0.82% led by Tyro Payments
Ltd, up 4.48%, followed by NEXTDC Ltd, gaining
Financial stocks rose 0.46% led by Zip Co Ltd
, up 4.15%, followed by Bank of Queensland Ltd,
Bank of Queensland said that its expenses for the year would
be about 1% lower, as it focuses on cutting costs.
In New Zealand, the benchmark rose 0.6% to
12,671.47. The top gainer was SKY Network Television Ltd
, up 13.14%, after it raised its full-year profit
outlook and signalled cost cuts.
(Reporting by Arundhati Dutta in Bengaluru; Editing by Rashmi