AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)
Markets

Australian shares end at 2-week high on miners, financials boost

  • Top loser Resolute Mining closed down 6.7%, marking its worst day since April 15. Northern Star Resources and Newcrest Mining shed 0.7% each.
Published May 25, 2021

Australian shares closed at a two-week high on Tuesday, marking a positive finish for a fourth straight session, as heavyweight miners gained on firmer iron ore prices and financial stocks tracked US peers higher.

The S&P/ASX 200 index ended up 0.98% at 7,115.2, its highest closing level since May 10.

"Financial stocks led quite well on Wall Street overnight, which gave us a good lead here," said Brad Smoling, managing director at Smoling Stockbroking.

The financial index, up 1.1%, extended gains to a fourth session to hit its highest close since Feb. 21. The so-called "big four" banks rose between 0.5% and 0.9%.

"Financials are equipped to weather the storm if we see that rise in inflation, as we may " Smoling added.

Inflation concerns have loomed over equity markets in the recent weeks, as high inflation numbers could revive talk of an early tapering by the US Federal Reserve.

The Australian metals and mining index rose about 1.2%, snapping a four-session losing streak, as iron ore futures in Asia inched higher amid China's warning against commodity price manipulation and speculative trading.

Heavyweights Rio Tinto, BHP Group, and Fortescue Metals added between 1.4% and 1.7%.

On the downside, the gold index slipped over 0.6% as bullion prices fell on upbeat risk sentiment after inflation worries ebbed.

Top loser Resolute Mining closed down 6.7%, marking its worst day since April 15. Northern Star Resources and Newcrest Mining shed 0.7% each.

The energy index rose 0.3%, tracking an uptick in oil prices. Woodside Petroleum and Beach Energy added 0.4% and 2.4%, respectively.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.9% to 12,341.2.

New Zealand's central bank said on Tuesday it was likely to be "patient" over the stimulus policy as it seeks to reach maximum employment.

Comments

Comments are closed.