AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,809 Increased By 41.1 (0.42%)
BR30 29,711 Increased By 311.1 (1.06%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)
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.

Comments

Comments are closed.