SYDNEY/WELLINGTON: Australian shares ended firmer on Tuesday, as mining and financial stocks recovered from sharp losses in the previous session, with Bingo Industries being the biggest gainer in the index after the waste management firm received a buyout offer.
The S&P/ASX 200 index rose 1.2% to 6,742.60 at the close of trade, after it ended 0.8% lower on Monday.
Bingo Industries was the top gainer in the index, ending 20.4% higher after a private equity firm made a A$2.29 billion ($1.76 billion) play for the company.
Global miner Rio Tinto’s shares rose 0.7% after the company reported a 2.4% rise in fourth-quarter iron ore shipments. Rival BHP Group, due to report second-quarter production results on Wednesday, ended the session 0.9% higher.
Financials climbed 1.3%, with lender Westpac Banking Corp among top gainers with an nearly 2% gain.
New Zealand’s benchmark S&P/NZX 50 index rose 0.3% or 42.95 points to finish the session at 12,881.31.