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Woodside, BHP lift Australian shares higher on green-lighting $12 bln project

11/22/2021 | 07:42pm EST

Nov 23 (Reuters) - Australian shares rose on Tuesday, led by miners and energy stocks, as Woodside Petroleum and BHP Group jumped after giving green light to their $12 billion Scarborough LNG project.

The S&P/ASX 200 index rose 0.6% to 7393 by 0018 GMT.

Woodside Petroleum and BHP Group were among top boosts to the benchmark, rising over 3% each, after they gave their final go-aheads to develop the Scarborough gas field off Western Australia and expand the Pluto liquefied natural gas (LNG) plant.

The country's energy index rose 1.7%, tracking its best day in more than a week, after oil prices rebounded from recent losses on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves.

Sector heavyweights Oil Search and Santos Ltd jumped 1% and 1.9%, respectively.

Miners were also up 1.9% to their highest level since September and set for their fourth straight session of gains.

Iron prices rose more than 4%, sending heavyweights Rio Tinto and Fortescue up by 3% and 5.8%, respectively.

Bucking the trend, tech index dropped 3.5%, with buy-now-pay-later giant Afterpay plunging more than 5% to its lowest since July 30.

Australia's gold stocks also dropped 2.5% after the bullion eased to hover near a two week low, weighed down by a firmer dollar and expectations that rising inflation might push the Federal Reserve to accelerate its monetary policy tightening.

Gold miners Wiluna Mining Corp, Silver Lake Resources and West African Resources were among the top losers, with sector heavyweight Newcrest Mining falling 1.4%.

New Zealand's benchmark S&P/NZX 50 index rose 0.4% to 12,663.72.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Rashmi Aich)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -2.18% 66.47 End-of-day quote.-19.93%
BHP GROUP -1.25% 45.03 Delayed Quote.9.88%
FORTESCUE METALS GROUP LIMITED -4.97% 19.5 Delayed Quote.6.82%
OIL SEARCH -2.42% 4.04 End-of-day quote.0.00%
SANTOS LIMITED -4.82% 6.72 Delayed Quote.11.89%
SILVER LAKE RESOURCES LIMITED -7.97% 1.675 Delayed Quote.2.54%
WEST AFRICAN RESOURCES LIMITED -16.86% 1.06 Delayed Quote.-3.41%
WILUNA MINING CORPORATION LIMITED -3.17% 1.07 Delayed Quote.4.25%
WOODSIDE PETROLEUM LTD -3.98% 24.13 Delayed Quote.14.59%
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