AGL 8.30 Increased By ▲ 0.44 (5.6%)
ANL 10.59 Increased By ▲ 0.24 (2.32%)
AVN 78.60 Increased By ▲ 0.70 (0.9%)
BOP 5.45 Increased By ▲ 0.06 (1.11%)
CNERGY 5.59 Increased By ▲ 0.58 (11.58%)
EFERT 80.25 Decreased By ▼ -0.55 (-0.68%)
EPCL 69.60 Increased By ▲ 1.50 (2.2%)
FCCL 15.30 Increased By ▲ 0.74 (5.08%)
FFL 6.53 Increased By ▲ 0.33 (5.32%)
FLYNG 7.18 Increased By ▲ 0.53 (7.97%)
GGGL 10.85 Increased By ▲ 0.27 (2.55%)
GGL 16.79 Increased By ▲ 0.38 (2.32%)
GTECH 8.14 Increased By ▲ 0.02 (0.25%)
HUMNL 7.04 Increased By ▲ 0.02 (0.28%)
KEL 2.99 Increased By ▲ 0.11 (3.82%)
LOTCHEM 30.77 Increased By ▲ 2.24 (7.85%)
MLCF 28.98 Increased By ▲ 2.03 (7.53%)
OGDC 82.75 Increased By ▲ 0.60 (0.73%)
PAEL 16.97 Increased By ▲ 0.32 (1.92%)
PIBTL 6.08 Increased By ▲ 0.24 (4.11%)
PRL 18.10 Increased By ▲ 1.35 (8.06%)
SILK 1.15 Increased By ▲ 0.05 (4.55%)
TELE 11.25 Increased By ▲ 0.28 (2.55%)
TPL 9.20 Decreased By ▼ -0.02 (-0.22%)
TPLP 19.88 Increased By ▲ 0.22 (1.12%)
TREET 26.46 Increased By ▲ 0.55 (2.12%)
TRG 94.60 Increased By ▲ 0.99 (1.06%)
UNITY 19.50 Increased By ▲ 0.50 (2.63%)
WAVES 14.34 Increased By ▲ 0.78 (5.75%)
WTL 1.30 Increased By ▲ 0.06 (4.84%)
BR100 4,187 Increased By 80.1 (1.95%)
BR30 15,474 Increased By 343.5 (2.27%)
KSE100 42,096 Increased By 670.9 (1.62%)
KSE30 15,883 Increased By 222.7 (1.42%)

SYDNEY/WELLINGTON: Australian shares closed nearly 1% firmer on Tuesday, as strength in commodities boosted market expectations of an improved growth outlook and lifted miners and energy stocks. The S&P/ASX 200 index was up 0.9% at 6,839.2 by the close of trade.

Participants also kept an eye out for possible changes to the US Federal Reserve’s outlook from Chairman Jerome Powell in his testimonial before the Senate Banking Committee later in the day.

Commodity prices strengthened as oil prices rose on a tight global supply outlook after US production was hammered by frigid weather and an approaching meeting of top crude producers is expected to keep output largely in check.

Australian energy stocks rose 4.9% on firmer oil prices. Oil and gas explorers Woodside Petroleum and Santos Ltd advanced 5.7% and 5.9%, respectively. Gold stocks jumped 2.8%, with spot gold hitting a one-week high as inflation worries boosted the bullion’s appeal as a hedge.

Miners climbed 2% on the back of a continued rise in copper prices, helped by tight supply and expectations of strong demand. Copper-exposed global miners BHP Group and Rio Tinto gained 3.1% and 1.8%, respectively.

Top independent gold miner Newcrest Mining jumped 4.4%, while peer Bellevue Gold rose 5.1%. Financials also rose, with the so-called “Big Four” banks gaining in the range of 1.1% to 1.9%. Tech stocks tracked Wall Street peers lower to drop 4.1%, with buy-now-pay-later co Afterpay Ltd falling 7.2%, while accounting software maker Xero Ltd lost 2.7%. SEEK Ltd closed 7.1% lower after the job portal operator said it was in talks to cut its stake in Chinese unit Zhaopin for A$2.2 billlion ($1.74 billion).

In New Zealand, the benchmark S&P/NZX 50 index fell 0.3%, pulled down by utility and healthcare stocks.

Comments

Comments are closed.