AIRLINK 170.05 Decreased By ▼ -3.10 (-1.79%)
BOP 11.01 Increased By ▲ 0.36 (3.38%)
CNERGY 8.37 Decreased By ▼ -0.15 (-1.76%)
CPHL 99.90 Increased By ▲ 2.44 (2.5%)
FCCL 46.35 Decreased By ▼ -0.90 (-1.9%)
FFL 15.10 Decreased By ▼ -0.32 (-2.08%)
FLYNG 27.57 Decreased By ▼ -0.56 (-1.99%)
HUBC 137.80 Decreased By ▼ -1.11 (-0.8%)
HUMNL 12.85 Increased By ▲ 0.04 (0.31%)
KEL 4.45 Decreased By ▼ -0.09 (-1.98%)
KOSM 5.35 Decreased By ▼ -0.20 (-3.6%)
MLCF 61.90 Decreased By ▼ -0.36 (-0.58%)
OGDC 212.88 Decreased By ▼ -1.87 (-0.87%)
PACE 5.44 Decreased By ▼ -0.11 (-1.98%)
PAEL 47.11 Increased By ▲ 2.25 (5.02%)
PIAHCLA 18.56 Decreased By ▼ -0.14 (-0.75%)
PIBTL 10.35 Decreased By ▼ -0.39 (-3.63%)
POWER 12.35 Increased By ▲ 0.09 (0.73%)
PPL 170.46 Decreased By ▼ -3.41 (-1.96%)
PRL 35.99 Decreased By ▼ -0.23 (-0.64%)
PTC 23.11 Decreased By ▼ -0.45 (-1.91%)
SEARL 96.40 Increased By ▲ 1.09 (1.14%)
SSGC 39.45 Increased By ▲ 0.32 (0.82%)
SYM 13.89 Decreased By ▼ -0.13 (-0.93%)
TELE 7.15 Decreased By ▼ -0.08 (-1.11%)
TPLP 10.07 Decreased By ▼ -0.22 (-2.14%)
TRG 63.63 Decreased By ▼ -1.05 (-1.62%)
WAVESAPP 9.99 Decreased By ▼ -0.05 (-0.5%)
WTL 1.30 Decreased By ▼ -0.03 (-2.26%)
YOUW 3.67 Decreased By ▼ -0.03 (-0.81%)
BR100 12,302 Decreased By -190 (-1.52%)
BR30 37,418 Decreased By -276.3 (-0.73%)
KSE100 114,895 Decreased By -1294.7 (-1.11%)
KSE30 35,244 Decreased By -505.8 (-1.41%)

Australian shares rose on Monday, led by miners on the back of strong iron ore prices, while De Grey Mining surged after the gold miner received a buyout offer from larger rival Northern Star Resources.

The S&P/ASX 200 index rose 0.2% to 8,455.0, as of 1140 GMT.

The benchmark slipped 0.1% on Friday. Heavyweight miners advanced 0.2%, as iron ore prices rose on stronger economic outlook for top consumer China.

Mining behemoth BHP Group rose 0.2%, while Rio Tinto jumped 0.4%.

Gold stocks fell 0.5% despite a surge in De Grey Mining, which received a buyout offer from Northern Star Resources, valuing the firm at A$5 billion ($3.25 billion).

De Grey rose as much as 29.6% to hit its highest level since April 2008, making it the biggest gainer on the benchmark.

However, shares of Northern Star Resources fell as much as 5.2% to make it the top loser.

Gold Road Resources, another miner which is the biggest stakeholder in De Grey Mining, benefited from the news of the buyout too, with shares rising about 11.5% to hit a record high.

Technology stocks added 0.8%, tracking gains in their Wall Street peers on Friday. Software developer Xero jumped 0.6%.

Energy stocks followed the broader benchmark to gain 0.4%, with sector majors Woodside Energy and Santos rising 0.5% and 0.2%, respectively.

Australian shares struggle for direction as gold stocks drag; NAB tumbles

Among other individual stocks, Metcash advanced 2.2% after the wholesaler reported an increase in its food segment earnings while announcing its half-year results.

Meanwhile, New Zealand’s benchmark S&P/NZX 50 index was largely flat.

Comments

200 characters