Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Gains in financials, BHP lift Australia stocks

10/20/2021 | 02:01am EST

Oct 20 (Reuters) - Australian shares rose on Wednesday, lifted by financial and mining stocks, while global miner BHP touched a month high after topping billionaire Andrew Forrest's bid for nickel miner Noront Resources.

The S&P/ASX 200 index rose about 0.53% to close at 7,413.7, after falling 0.08% on Tuesday.

The biggest boost to the benchmark came from the financial sector, which closed 0.96% higher with the big banks adding between 0.6% and 1.1%.

"The major banks are also seen to be harnessing the benefits of a recent uptick in Australian 10-year bond yield, which seems to have increased the attractiveness of the financial stocks," said Kunal Sawhney, chief executive of equity research firm Kalkine Group.

Miners gained 0.03%, after BHP added 0.5% as it sweetened its bid for Canada's Noront Resources .

Rio Tinto and Fortescue lost 0.1% and 0.4%, respectively.

Investors believe the gains in the index, which has dropped about 4% this year, are likely to be short-lived as China remains adamant over implementing steel output curbs over the remainder of the year, and a possibility of shake-up of iron ore prices remains on the back of the developing China Evergrande Group crisis.

Tech stocks rose 1.1% to a three-week high, as positive earnings sentiment from tech companies on Wall Street spilled over.

Codan Ltd was the top gainer on the tech index and on the benchmark as it closed 7.6% higher.

Online retailer Kogan.com also rose 6.7% to hit its highest in almost two months after a jump in quarterly gross sales.

Coal miners across the board fell after the Chinese government said it would intervene to curb surging coal prices , sending Whitehaven Coal's shares down 7.85% to make it the top loser on the benchmark.

Fellow coal miners Yancoal Australia and New Hope Corp also dropped 6.2% and 4.8%, respectively.

New Zealand's benchmark S&P/NZX 50 index rose 0.37% to 13,114.24.

(Reporting by Harshita Swaminathan; Editing by Anil D'Silva)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 1.42% 45.67 Delayed Quote.8.51%
CODAN LIMITED -10.22% 8.78 Delayed Quote.4.82%
FORTESCUE METALS GROUP LIMITED -0.10% 19.48 Delayed Quote.1.51%
KOGAN.COM LTD -12.27% 6.15 Delayed Quote.-30.27%
NEW HOPE CORPORATION LIMITED 2.74% 2.25 Delayed Quote.-1.79%
NORONT RESOURCES LTD. 0.00% 1.08 Delayed Quote.0.93%
S&P 500 1.17% 4404.07 Delayed Quote.-8.73%
WHITEHAVEN COAL LIMITED 0.00% 2.63 Delayed Quote.0.77%
YANCOAL AUSTRALIA LTD -0.73% 2.72 Delayed Quote.5.38%
Latest news "Economy & Forex"
12:11pFerragamo's sales grow 31.4% in 2021
RE
12:10pMastercard brushes off Omicron threat after profit beat
RE
12:07pSoftBank COO to step down - CNBC
RE
12:06pLvmh chairman arnault says does not see international travel ret…
RE
12:03pPorn star Stormy Daniels testifies ex-lawyer Michael Avenatti 'stole from me'
RE
12:00pChocolate Easter bunnies under threat due to supply woes warn German makers
RE
11:57aVuitton, Dior lead soaring sales at LVMH
RE
11:56aGuards clash again on Kyrgyz-Tajik border, no casualties reported
RE
11:55aLONDON STOCK EXCHANGE : FTSE 100 in high spirits on Diageo results; Dr. Martens weighs on midcaps
RE
11:54aBoosters increase protection against death from Omicron in over-50s to 95% - UKHSA
RE
Latest news "Economy & Forex"