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MarketScreener Homepage  >  Indexes  >  Australian Stock Exchange  >  S&P/ASX 200    XJO   XC0006013624

S&P/ASX 200

SummaryMost relevantAll NewsNews of the index componentsMarketScreener Strategies

Australia shares gain as miners ride iron ore rally, rival drops forecast

12/02/2020 | 07:00pm EST

* BHP hits over 10-mth high, Rio highest since 2008

* Fortescue Metals hits record high

* Macquarie slips on Waddell & Reed Financial buy for $1.7 bln

* Qantas says will reach 68% of pre-COVID capacity in Dec

Dec 3 (Reuters) - Australian shares rose on Thursday as miners almost single-handedly lifted the index, buoyed by a rally in iron ore prices and a downgraded full-year iron ore forecast by Brazilian mining rival Vale.

Rising iron ore prices owing to a strong demand for the steel-making ingredient in China, Australia's top trading partner, had Aussie miners extending gains into a third session, jumping 3.4% to over three months high.

BHP Group hit an over 10-month high, Rio Tinto surged to its highest since May 2008, and Fortescue Metals Group hit a record high on rising iron ore prices and lowered full-year iron ore forecast by Brazilian rival Vale SA, expected to benefit the Aussie miners.

The S&P/ASX 200 index rose 0.4% to 6,616.8 by 2330 GMT, on track for its third straight gain session.

Among losers, financials were down 0.3% with three of the four top banks trading in the red.

Conglomerate Macquarie Group declined 0.7% on acquisition of U.S.-based investment management firm Waddell & Reed Financial Inc for $1.7 billion.

Qantas Airways said the reopening of Australian state borders would boost its financial position and allow it to return to 68% of pre-pandemic domestic capacity in December, and nearly to 80% in the March quarter. However, shares slipped up to 1.1%.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index edged lower, after advancing up to 0.4% in the early trade.

Gains in financials and utilities were offset by healthcare firms.

Meanwhile, New Zealand's building consents in October rose a seasonally adjusted 8.8%, compared with a 3.6% rise in the previous month. (Reporting by Sameer Manekar in Bengaluru; Editing by David Gregorio)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.00% 0.7702 Delayed Quote.1.06%
BHP GROUP 1.65% 46.82 End-of-day quote.10.35%
BHP GROUP -3.31% 2135 Delayed Quote.10.91%
FORTESCUE METALS GROUP LIMITED 1.70% 25.18 End-of-day quote.7.47%
MACQUARIE GROUP LIMITED -0.70% 137.33 End-of-day quote.-0.83%
QANTAS AIRWAYS LIMITED 1.67% 4.88 End-of-day quote.0.62%
RIO TINTO GROUP 0.72% 120.52 End-of-day quote.5.88%
RIO TINTO PLC -3.03% 5946 Delayed Quote.8.70%
S&P/ASX 200 0.00% 6715.4 Real-time Quote.1.95%
VALE S.A. -4.35% 93.55 End-of-day quote.6.98%
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Technical analysis trends S&P/ASX 200
Short TermMid-TermLong Term
Top / Flop S&P/ASX 200
AFTERPAY LIMITED 133.15 End-of-day quote.10.04%
SCENTRE GROUP 2.92 End-of-day quote.5.04%
VICINITY CENTRES 1.59 End-of-day quote.4.95%
PRO MEDICUS LIMITED 38.19 End-of-day quote.4.54%
HUB24 LIMITED 23.45 End-of-day quote.4.18%
NEXTDC LIMITED 11.48 End-of-day quote.-3.20%
MAGELLAN FINANCIAL GROUP LIMITED 47.57 End-of-day quote.-3.25%
ARISTOCRAT LEISURE LIMITED 29.9 End-of-day quote.-3.92%
RESMED INC. 26.78 End-of-day quote.-4.66%
RESOLUTE MINING LIMITED 0.705 End-of-day quote.-7.84%
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