Strong earnings, commodities drive Australia shares higher

Australia shares rose on Tuesday with the materials sector dominating gains on higher commodity prices and as investors took comfort from a raft of strong corporate earnings, signalling an economic recovery from the pandemic fallout.

The S&P/ASX 200 index was up 0.31% at 7,512.9 points, as of 0042 GMT. The benchmark gained 0.4% to end the trade at 7,489.9 points on Monday.

Australian energy stocks rose 2.55%, tracking a more than 5% jump overnight in oil prices as a weaker US dollar and strong global equities markets boosted crude futures after seven sessions of declines.

Coal miner Whitehaven Coal Ltd led gains on the sub-index, advancing 4.41%, followed by Beach Energy Ltd gaining 4.27?%.

Papua New Guinea-focused Oil Search Ltd surged up to 3.5% to mark its best day in more than three weeks after the company reported a nearly sixfold rise in its half-year core profit as easing pandemic restrictions boosted oil demand and prices.

Gold miners were also among the best performing stocks, advancing 2.66%, tracking an uptick in bullion prices as a retreat in the dollar pushed investors towards safe-haven assets.

Gold miner De Grey Mining Ltd led gains for the sub-index, jumping 5.56%, followed by Chalice Mining Ltd , which advanced 4.98?%.

Nanosonics Ltd was the top gainer on the local bourse, surging 18.17% after the disinfecting device maker forecasted a double-digit revenue growth in fiscal 2022.

Wireless broadband services Uniti Group Ltd gained 9.4% to hit a record high on reporting an 83% surge in its annual net profit attributable.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.32% to 13,106.4 points.

Elsewhere, Japan's Nikkei was up 0.87% at 27733.34 points, while S&P 500 E-minis futures were up 0.17%.