Australian shares rose 0.3 percent on Tuesday, buoyed by financial and mining stocks riding on healthy Chinese demand, though gains were restricted by investors' caution ahead of the reporting season. The S&P/ASX 200 index finished the session 15.2 points higher at 5,017.1. The benchmark rose 0.6 percent on Monday. New Zealand's benchmark NZX 50 index rose 0.6 percent or 26.6 points to 4,580.6.
Miners traded higher after copper rose for a third day to its highest level in more than one month. BHP Billiton Ltd rose 0.9 percent while Rio Tinto Ltd added 0.5 percent. Fortescue Metals Group rose 0.5 percent after reporting June quarter shipments of 25 million tonnes, a 24 percent increase on the prior quarter. Gold miners were also stronger after bullion traded near its highest in a month. Newcrest Mining Ltd soared 7 percent while Regis Resources Ltd rallied 1.4 percent.
Financials also helped buoy the market. Australia and New Zealand Banking Group edged 0.2 percent higher while top lender the Commonwealth Bank of Australia rose 0.5 percent. Defensives were stronger. Blood products maker CSL Ltd climbed 1.1 percent and consumer retail staples Wesfarmers Ltd added 0.8 percent.
Comments
Comments are closed.