AIRLINK 74.79 Decreased By ▼ -0.46 (-0.61%)
BOP 5.12 Increased By ▲ 0.01 (0.2%)
CNERGY 4.48 Decreased By ▼ -0.12 (-2.61%)
DFML 33.40 Increased By ▲ 0.87 (2.67%)
DGKC 89.30 Decreased By ▼ -1.05 (-1.16%)
FCCL 22.64 Decreased By ▼ -0.34 (-1.48%)
FFBL 32.80 Decreased By ▼ -0.77 (-2.29%)
FFL 9.88 Decreased By ▼ -0.16 (-1.59%)
GGL 10.93 Decreased By ▼ -0.12 (-1.09%)
HBL 115.00 Increased By ▲ 0.10 (0.09%)
HUBC 136.00 Decreased By ▼ -1.34 (-0.98%)
HUMNL 9.95 Increased By ▲ 0.42 (4.41%)
KEL 4.62 Decreased By ▼ -0.04 (-0.86%)
KOSM 4.74 Increased By ▲ 0.04 (0.85%)
MLCF 39.65 Decreased By ▼ -0.89 (-2.2%)
OGDC 139.80 Increased By ▲ 0.05 (0.04%)
PAEL 27.30 Decreased By ▼ -0.35 (-1.27%)
PIAA 24.92 Increased By ▲ 0.52 (2.13%)
PIBTL 6.75 Decreased By ▼ -0.17 (-2.46%)
PPL 123.64 Decreased By ▼ -1.66 (-1.32%)
PRL 27.15 Decreased By ▼ -0.40 (-1.45%)
PTC 14.00 Decreased By ▼ -0.15 (-1.06%)
SEARL 59.35 Decreased By ▼ -2.50 (-4.04%)
SNGP 71.30 Decreased By ▼ -1.68 (-2.3%)
SSGC 10.45 Decreased By ▼ -0.14 (-1.32%)
TELE 8.68 Decreased By ▼ -0.10 (-1.14%)
TPLP 11.51 Decreased By ▼ -0.22 (-1.88%)
TRG 65.50 Decreased By ▼ -1.10 (-1.65%)
UNITY 25.76 Increased By ▲ 0.61 (2.43%)
WTL 1.40 Decreased By ▼ -0.04 (-2.78%)
BR100 7,821 Increased By 18.4 (0.24%)
BR30 25,604 Decreased By -211.7 (-0.82%)
KSE100 74,623 Increased By 91.7 (0.12%)
KSE30 24,043 Increased By 88.4 (0.37%)

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.

Comments

Comments are closed.