April 28 (Reuters) - Australian shares were set to snap a three-day losing streak on Thursday, supported by mining and energy stocks as commodity prices edged up after concerns over global economic slowdown and China's COVID-19 outbreaks appeared to ease.
The S&P/ASX 200 index was up 1% at 7,335.10, as of 0048 GMT. The benchmark closed 0.8% lower on Thursday.
Authorities in China, Australia's largest trading partner, raced to stamp out a nascent outbreak and avert the debilitating city-wide lockdown that has shrouded Shanghai for a month. Investor sentiment was also lifted by data showing profits at China's industrial firms grew at a faster pace in March from a year earlier.
Australian miners rose 2.4% and led the gains in the benchmark as iron ore and base metal prices rebounded. The sub-index was on track for its best day since March 22.
Heavyweights BHP Group and Rio Tinto were up 2.9% and 1.7%, respectively.
Fortescue Metals Group rose 2.6% after the miner raised its full-year forecast of iron ore shipments, while increasing capital estimate for its key Iron Bridge Magnetite project in Western Australia.
Energy stocks climbed 1.5%, tracking higher oil prices on concerns over tight worldwide supply.
Financials and healthcare stocks edged up 0.7% and 0.5%, respectively.
Domestic gold stocks were the only losers in the benchmark as bullion prices fell to a two-month low.
Sector major Newcrest Mining slipped 1% even as it posted a 10% sequential rise in its third-quarter gold output.
In other news, AMP Ltd announced the sale of AMP Capital's international infrastructure equity business for up to A$699 million ($497.83 million), leaving it solely with banking, wealth and financial advice divisions. Shares of the embattled wealth manager were up 9%.
Australia's No.2 supermarket chain Coles Group fell 0.4% despite posting an uptick in third-quarter sales.
New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 11,764.26.
(Reporting by Himanshi Akhand in Bengaluru; Editing by Sherry Jacob-Phillips)