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Strong corporate earnings lift Australia shares

08/22/2021 | 10:20pm EDT

Aug 23 (Reuters) - Australian shares rose on Monday, led by mining and technology stocks, as upbeat annual results from Event Hospitality & Entertainment and plumbing firm Reliance Worldwide lifted risk appetite in the final week of the corporate earnings season.

The S&P/ASX 200 index was up 0.15% at 7,472.3 points points, as of 0158 GMT. The benchmark closed lower at 7,460.9 points on Friday.

Technology stocks tracked a strong Wall Street finish from the previous session, with Australian data company Appen Ltd jumping 4.34% and Nearmap Ltd climbing 3.82%.

Sub-index heavyweight Afterpay led the advance among tech stocks, rising as much as 3.6% to hit its highest in about two weeks.

Reliance Worldwide touched a three-year high, jumping as much as 4%, after the global plumbing, heating and piping firm nearly tripled its final payout and doubled its annual profit.

Shares of Event Hospitality and Entertainment rose as much as 4.8% to mark their best day in more than four months after the cinema chain operator narrowed its annual loss compared with the previous year.

Major miners rose 0.82%, led by Ioneer Ltd, up 8.43%, followed by Pilbara Minerals Ltd gaining 5.69%.

The country's largest mining companies - BHP Group, Rio Tinto, and Fortescue Metals advanced between 1.3% and 1.7%.

Australian fuel supplier Ampol Ltd skidded as much as 5.6%, hitting its lowest in more than three months after making a takeover bid for New Zealand peer Z Energy, valuing it at 24% premium to its last closing price.

Shares of Z Energy rose as much as 18.7% to their highest since March 18, 2020.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 1.22% to 13,098.4 points.

Elsewhere, Japan's Nikkei was up 1.19% at 27333.41 points while S&P 500 E-minis futures were up 0.17%.

($1 = 1.3986 Australian dollars) (Reporting by Riya Sharma in Bengaluru, Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -2.37% 123.8 End-of-day quote.4.92%
AMPOL LIMITED -0.99% 30.9 End-of-day quote.8.73%
APPEN LIMITED -1.39% 10.65 End-of-day quote.-56.87%
BHP GROUP -1.70% 37.02 End-of-day quote.-12.75%
EVENT HOSPITALITY & ENTERTAINMENT LIMITED 1.23% 16.5 End-of-day quote.73.87%
FORTESCUE METALS GROUP LIMITED 0.14% 14.02 End-of-day quote.-40.16%
IONEER LTD -0.74% 0.67 End-of-day quote.139.29%
NEARMAP LTD 3.29% 2.2 End-of-day quote.-0.90%
PILBARA MINERALS LIMITED -4.07% 2.12 End-of-day quote.143.68%
RELIANCE WORLDWIDE CORPORATION LIMITED 5.15% 5.72 End-of-day quote.41.23%
S&P/ASX 200 -0.25% 7430.4 Real-time Quote.13.08%
Z ENERGY LIMITED -1.11% 3.57 End-of-day quote.11.56%
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