Australian shares rose 0.1 percent on Thursday as Wall Street edged higher and firmer metal prices helped prop up the mining space, though a fall in the country's second-largest power retailer tempered gains. AGL Energy Ltd tumbled 5.5 percent, its largest one-day percentage fall since 2009, after saying the federal government's repeal of the carbon tax will hurt its profit by approximately A$186 million.
The S&P/ASX 200 index eased 3.5 points to 5,522.4 points at the close of trade. The benchmark added 0.1 percent on Wednesday. New Zealand's benchmark NZX 50 index closed down 1.9 points at 5,112.4 points, with software company Xero Ltd the biggest drag as it fell 4.7 percent.
The broader market was propped up by a strong resource sector. Aluminium touched its highest in 16 months, while benchmark 62 percent grade iron ore for immediate delivery to China rose to $98. Global miners BHP Biliton Ltd and Rio Tinto Ltd added 1.5 percent and 1.7 percent, respectively. Meanwhile, gold miners jumped higher with Newcrest Mining Ltd soaring 2.2 percent after bullion rebounded following two consecutive days of sharp losses. "As the price of iron ore steadies, the major miners have acted as the driving force in our index with Chinese growth seemingly back," said Niall King, a sales trader at CMC Markets in a note.
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