Australian shares jumped on Friday in broad-based buying, with mining stocks leading the gains, as investors looked ahead to August economic data from China, the country’s biggest trading partner.
The S&P/ASX 200 index climbed 1.5% to 7,291.4 by 0030 GMT and looked set to post its sharpest daily rise since July 13, if gains held.
The benchmark has risen 1.6% so far in the week, heading for its best week in nearly two months.
Investors worldwide were awaiting a slew of data from China, which has been struggling to prop up its economy after a brief post-COVID recovery. Back home, data released on Thursday showed that Australian jobs surged in August.
However, it did not dent hopes for the country’s central bank to stand pat on interest rates next month.
Heavyweight miners led the gains, rising 2.7% in their biggest intraday percentage climb since July 25 on strong metal prices. Mining giants BHP Group and Rio Tinto climbed 2.9% each, while Fortescue Metals Group was up 3.2%.
Financials rose 2.7%, hitting their highest level since Aug. 11, with the “big four” banks up between 0.9% and 1.7%.
Miners and financials lead Australian shares higher
Energy stocks advanced 1.6% as oil prices rose to their highest level in 2023.
Sector major Woodside Energy was up 1.1%. In other news, Australia’s competition regulator said it intended to deny authorisation for Qantas Airways and China Eastern Airlines to coordinate operations between the two countries.
Shares of Qantas were up 1.2%. Meanwhile, New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to 11,305.33.
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