AGL 6.78 Increased By ▲ 0.04 (0.59%)
ANL 9.38 Increased By ▲ 0.06 (0.64%)
AVN 81.40 Increased By ▲ 0.95 (1.18%)
BOP 5.47 Increased By ▲ 0.06 (1.11%)
CNERGY 5.03 Increased By ▲ 0.07 (1.41%)
EFERT 82.99 Increased By ▲ 3.08 (3.85%)
EPCL 58.95 Increased By ▲ 2.62 (4.65%)
FCCL 15.80 Decreased By ▼ -0.07 (-0.44%)
FFL 6.50 Increased By ▲ 0.15 (2.36%)
FLYNG 8.47 Increased By ▲ 0.17 (2.05%)
GGGL 10.23 Increased By ▲ 0.15 (1.49%)
GGL 16.64 Increased By ▲ 0.38 (2.34%)
GTECH 8.60 Increased By ▲ 0.12 (1.42%)
HUMNL 6.45 Increased By ▲ 0.06 (0.94%)
KEL 3.05 Increased By ▲ 0.07 (2.35%)
LOTCHEM 29.88 Increased By ▲ 0.99 (3.43%)
MLCF 28.80 Increased By ▲ 0.15 (0.52%)
OGDC 76.35 Increased By ▲ 1.85 (2.48%)
PAEL 16.35 Increased By ▲ 0.22 (1.36%)
PIBTL 5.78 Increased By ▲ 0.13 (2.3%)
PRL 17.45 Increased By ▲ 0.47 (2.77%)
SILK 1.16 Decreased By ▼ -0.03 (-2.52%)
TELE 11.40 Decreased By ▼ -0.05 (-0.44%)
TPL 8.17 Increased By ▲ 0.17 (2.13%)
TPLP 22.25 Increased By ▲ 0.90 (4.22%)
TREET 23.58 Increased By ▲ 0.48 (2.08%)
TRG 148.00 Increased By ▲ 4.09 (2.84%)
UNITY 23.35 Increased By ▲ 0.34 (1.48%)
WAVES 11.70 Increased By ▲ 0.10 (0.86%)
WTL 1.59 Increased By ▲ 0.02 (1.27%)
BR100 4,249 Increased By 69.2 (1.65%)
BR30 16,585 Increased By 383.6 (2.37%)
KSE100 42,161 Increased By 549.2 (1.32%)
KSE30 15,895 Increased By 290.3 (1.86%)
Markets

Gold, energy stocks lift Australia shares higher as commodity prices firm

  • Heavyweights Woodside Petroleum and Santos rose 2.1% and 1.6%, respectively.
Published May 18, 2021
Follow us

Australian shares closed higher for a third straight session on Tuesday, led by gains in heavyweight mining and energy sector stocks as commodity prices strengthened.

The S&P/ASX 200 index ended 0.6% higher at 7,066, after ending up 0.1% in the previous session.

Software firm Nuix Ltd rebounded from Monday's lows and rose 11.5% and was the top percentage gainer on the benchmark, after its chairman pledged improvements following a local media report raising questions about its governance and accounting.

Gold and oil are "clearly the favoured destination for the fast money herd overnight," Jeffrey Halley, a senior market analyst at OANDA, said in a note.

Gold stocks rose 2%, hitting a more than four-month high as bullion prices soared on rising inflationary pressures and dollar weakness, with country's biggest gold miner Newcrest Mining gaining 1.1%, after touching a 6-month high earlier in the day.

This helped in offsetting a nearly 9% plunge in gold miner St Barbara after it cut its full-year production targets.

Energy stocks rose for a fourth straight session and closed up 1.6%, tracking an uptick in oil prices on hopes of a solid recovery in fuel demand following the reopenings of the US and European economies.

Heavyweights Woodside Petroleum and Santos rose 2.1% and 1.6%, respectively.

Financials jumped 0.8% while tech stocks climbed 0.4%.

Miners gained 2.1%, as iron ore prices jumped on robust demand. The mining trio Rio Tinto, BHP Group and Fortescue Metals gained between 1.9% and 2.1%.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index rose 0.1% to finish the session at 12,428.62.

Comments

Comments are closed.