SYDNEY: Australian shares closed higher for a third straight session on Tuesday, led by gains in heavyweight mining and energy sector stocks as commodity prices strengthened.
The S&P/ASX 200 index ended 0.6% higher at 7,066, after ending up 0.1% in the previous session.
Across the Tasman sea, New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to finish the session at 12,428.62.
Gold stocks rose 2%, hitting a more than four-month high as bullion prices soared on rising inflationary pressures and dollar weakness, with country’s biggest gold miner Newcrest Mining gaining 1.1%, after touching a 6-month high earlier in the day.
This helped in offsetting a nearly 9% plunge in gold miner St Barbara after it cut its full-year production targets.
Energy stocks rose for a fourth straight session and closed up 1.6%, tracking an uptick in oil prices on hopes of a solid recovery in fuel demand following the reopenings of the US and European economies.
Heavyweights Woodside Petroleum and Santos rose 2.1% and 1.6%, respectively.
Comments
Comments are closed.