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Mining, gold stocks support Australian shares ahead of Fed meet

09/18/2022 | 09:13pm EST

Sept 19 (Reuters) - Australian shares were steady on Monday, with mining and gold stocks supporting the benchmark index, even as risk appetite remained weak after investors weighed expectations of an outsized rate hike from the U.S Federal Reserve this week.

The S&P/ASX 200 index held its ground at 6743.4 points, as of 0040 GMT.

Globally, investors remained on the sidelines ahead of the Fed policy meet, where the U.S. central bank is likely to announce a 75-basis-point hike, while a section of the market believes that an outsized 100 bps rate will be necessary to tame soaring price pressures.

Back home, Australian miners led the gains with a 1.2% jump, despite lower iron ore prices in China, with sector majors Rio Tinto, Fortescue Metals and BHP Group Ltd firming between 0.4% and 0.5%.

The gold sector jumped nearly 1%, as bullion prices steadied amid a weaker U.S. dollar. Shares of Newcrest Mining and Northern Star Resources rose 2.1% and 2.4%, respectively.

The financial sub-index was trading steady, with two of the "Big Four" banks rising up to 0.3%.

Lake Resources turned out to be the top gainer, climbing as much as 16.7%, after the Australian lithium miner said work was proceeding at its Kachi project in Argentina, days after warning of a dispute with mining partner Lilac Solutions.

Losses in the energy sub-index countered benchmark gains, with index heavyweights Woodside Energy and Santos dropping 0.8% each.

Seperately, Origin Energy said it would divest its entire stake in the Betaloo Basin for A$60 million ($40.36 million), while also intending to exit its upstream exploration permits

New Zealand's benchmark S&P/NZX 50 index edged up 0.1% to 11,586.3 points.

($1 = 1.4865 Australian dollars) (Reporting by Archishma Iyer in Bengaluru; Editing by Sherry Jacob-Phillips)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.56% 0.66885 Delayed Quote.-7.56%
BHP GROUP LIMITED 2.12% 44.82 Delayed Quote.33.75%
BRITISH POUND / US DOLLAR (GBP/USD) -0.07% 1.19481 Delayed Quote.-10.90%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.70% 0.73609 Delayed Quote.-5.73%
EURO / ARGENTINE PESO (EUR/ARS) 0.01% 172.3985 Delayed Quote.47.10%
EURO / US DOLLAR (EUR/USD) -0.15% 1.03262 Delayed Quote.-8.82%
FORTESCUE METALS GROUP LIMITED 2.21% 19.46 Delayed Quote.-0.89%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.02% 0.012251 Delayed Quote.-8.84%
LAKE RESOURCES NL 1.60% 0.95 Delayed Quote.-7.43%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.56% 0.61984 Delayed Quote.-9.08%
NEWCREST MINING LIMITED -0.10% 19.63 Delayed Quote.-19.73%
NORTHERN STAR RESOURCES LIMITED -0.47% 10.54 Delayed Quote.12.54%
ORIGIN ENERGY LIMITED 0.50% 7.97 Delayed Quote.51.34%
RIO TINTO PLC 3.73% 5563 Delayed Quote.9.63%
S&P GSCI GOLD INDEX 0.48% 1026.84 Real-time Quote.-3.27%
S&P/ASX 200 0.33% 7253.3 Real-time Quote.-2.49%
SANTOS LIMITED 1.10% 7.33 Delayed Quote.14.90%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.22% 166.96 Delayed Quote.61.26%
WOODSIDE ENERGY GROUP LTD -0.35% 36.83 Delayed Quote.68.54%
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