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 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

Australian shares reversed early losses to end higher on Thursday, hitting almost a nine-month high, helped by the mining index as iron ore prices rose after hopes of an economic recovery lifted demand in China.

The S&P/ASX 200 index closed 0.6% higher at 7,435.3 points. The benchmark had added 0.1% on Wednesday. The improved sentiment over reopening of Chinese borders has prevailed since the beginning of 2023, with the resource-rich bourse gaining in 10 of the last 15 days.

“The Chinese economy reopening is a massive tailwind for our big resources stocks, and Australia is of great importance to China in terms of our exports of commodities,” said Henry Jennings, a senior analyst and portfolio manager with Marcustoday Financial Newsletter.

Investors also cheered a weaker domestic jobs report for December, indicating a softer labour market and raising hopes that the Reserve Bank of Australia could pause its rate hikes.

“The weaker labour force suggests caution for the RBA. We still expect a 25 bps hike in February, to a 3.35% peak. But thereafter, the data is mounting a solid case for a pause in the hiking cycle,” analysts from UBS wrote in a note.

Australian shares post 8-1/2-month closing high on tech, healthcare boost

Miners led the gains, rising 1.1%, with sector majors Rio Tinto and Fortescue advancing 3.3% and 1.7%, respectively. In corporate news, BHP Group rose 1.2% after posting quarterly iron ore shipments that beat expectations, while adding that China is set to be a stabilizing force for commodities demand this year.

The financial index also traded 0.7% higher, with the “Big Four” banks firming between 0.1% and 1%. The energy index however performed poorly, losing about 0.7%, with Woodside Energy slipping 0.6%. New Zealand’s benchmark S&P/NZX 50 index fell 0.3% to finish the session at 11,885.6, marking its worst session since Dec 30.

The country’s prime minister Jacinda Ardern announced her resignation no later than early February and said she will not seek re-election.

Also read:

Comments

Comments are closed.