SYDNEY/WELLINGTON: Australian shares settled higher on Thursday as sentiment was lifted by better-than-expected business investment data and Victoria reporting its lowest rise in Covid-19 cases in nearly two months.
The S&P/ASX 200 index rose 0.2% to 6,126.20, marking a third session of gain in four, as data showed Australian business investment fell by less-than-feared last quarter and future spending plans remained surprisingly intact. Also helping mood, Victoria, the hotbed of a second wave of Covid-19 infections in the country, on Wednesday reported its lowest one-day rise in new cases in nearly two months.
Gold stocks were the stand-out performers on the benchmark, rising 2.2% after bullion prices firmed overnight on stimulus bets ahead of Powell’s speech. The safe-haven metal, however, gave up some of its gains on profit-booking in Asian trading hours.
Heavyweight miners clocked gains on the back of stronger iron ore prices, with BHP Group adding 1.1% and Fortescue Metals Group climbing 3.1% to a record.
On the flip side, financials ended 0.6% lower, with lenders Commonwealth Bank of Australia and National Australia Bank being the biggest drags.
New Zealand’s benchmark S&P/NZX 50 index rose 0.2% to 12,053.43 before bourse operator NZX Ltd halted trading on the stock exchange for the day following cyberattacks over the last two days.—Reuters
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