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Markets

Australia shares rise on mining, industrial gains

  • Domestic mining stocks jumped 1.8% to their highest levels in over three weeks, helped by a rise in metal prices
Published July 8, 2021

Australian shares rose on Thursday, boosted by gains in mining and industrial stocks, as minutes from the last US Federal Reserve meeting indicated that policy tightening might still take some time.

The S&P/ASX 200 index rose 0.58% to 7,369.7 points by 0045 GMT. Elsewhere, Japan's Nikkei fell 0.42%, while S&P 500 E-minis futures were flat.

Aiding sentiment, Wall Street indexes notched record closing highs overnight as Fed minutes showed officials felt substantial further progress on the economic recovery "was generally seen as not having yet been met," but agreed to act if inflation or other risks increased.

Domestic mining stocks jumped 1.8% to their highest levels in over three weeks, helped by a rise in metal prices.

Australia shares likely to open higher before RBA meeting

Heavyweight miners BHP Group and Fortescue Metals Group rose 1.5% and 1.2%, respectively, as iron ore and copper prices advanced.

Gold stocks rose for a fourth consecutive session, as prices of the yellow metal rose against declining US Treasury yields.

Top independent gold producer Newcrest Mining climbed 0.8% to its highest level in three weeks, while smaller peer Bellevue Gold jumped 2.5%.

Industrial stocks advanced over 1%, boosted by gains in Sydney Airport Holdings which rose 2.7% after media reports of a consortium led by Macquarie Group considering a potential challenge to a A$22.3 billion ($16.64 billion) bid for the former.

Macquarie Group, which gained 0.6%, said on Thursday it would buy AMP Capital's global equities and fixed income business for up to A$185 million ($138.05 million).

New Zealand's benchmark S&P/NZX 50 index was largely flat, as gains among financials were offset by losses among utility and industrial stocks.

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