SYDNEY/WELLINGTON: Australian shares closed higher on Thursday, helped by gains in energy and mining stocks as commodity prices continued to strengthen, and as data showed a higher-than-expected rise in domestic business investment.
The S&P/ASX 200 index closed 0.8% higher at 6,834.
Energy stocks rose 1.6% as oil prices soared to a 13-month high, helped by expectations for continued accommodative monetary policies and lower crude production in the United States.
Oil & gas explorers Woodside Petroleum and Santos Ltd closed 2.7% and 3% higher, respectively.
Meanwhile, data showed domestic business investment rose by a larger-than-expected 3% during the December quarter, with firms ramping up spending on plant and machinery despite the coronavirus pandemic.
Miners gained 1.7%, helped by a jump in iron ore futures on expectations for a rebound in global demand, and as copper prices soared after the US Federal Reserve signalled continued supportive measures.
Global miners BHP Group and Rio Tinto jumped 3.3% and 1.9%, respectively.
Financials gained 0.7%, with the so-called “big four” banks rising in the range of 0.5% and 1.3%.
Healthcare stocks also advanced, with heavyweight CSL Ltd rising 0.9%.
Gold stocks fell 2.9% as bullion prices eased in the face of rising US Treasury yields.
Afterpay rose earlier in the day after the fintech company said it was exploring an additional stock listing abroad amid increased US investor interest. Trading in shares of Afterpay was later halted. New Zealand’s benchmark S&P/NZX 50 index fell 1.2%, as shares of diary producer a2 Milk dropped 16% after it forecast full-year revenue at the lower end of its outlook range.
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