Feb 8 (Reuters) – Australian shares climbed on
Wednesday, lifted by miners and banks, while construction
materials maker Boral surged 12% after reporting upbeat results.
The S&P/ASX 200 index rose 0.3% to 7,524 points at
2437 GMT, after falling for two consecutive sessions. The
benchmark closed 0.5% lower on Tuesday.
Shares of Boral Ltd touched their highest since
Feb. 10 after the company’s half-year revenue beat estimates.
Aiding sentiment further, comments by the Federal Reserve
Chair Jerome Powell on Tuesday were seen as dovish and renewed
hopes for less aggressive monetary policy.
Among individual shares and sectors, domestic miners
added 0.9%, with BHP Group and Rio Tinto
rising between 0.9% and 1.2%.
Fortescue Metals Group rose 1.3%. On Wednesday, it
announced a deal with the Gabonese government for Belinga iron
ore and said it plans to begin mining in late-2023.
Financials added 0.9% to hit their highest since
April 26, 2022 after Australia’s central bank indicated more
tightening ahead alongside the current decade-high rates. Two of
the “Big Four” banks have raised their lending rates already.
Insurer Suncorp Group rose 1.7% after posting a 63%
jump in first-half cash earnings.
Gold stocks ascended 0.9%, tracking firmer bullion
prices. Sector heavyweight Newcrest Mining and Northern
Star Resources jumped 2.2% and 1%.
Energy stocks rose 0.6% as oil prices climbed more
than 3%. Sector major Woodside Energy and Santos
edged up 0.9% and 0.4% respectively.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50
index rose 0.4% to 12,173.16 points.
(Reporting by Nausheen Thusoo in Bengaluru; editing by
Uttaresh.V)
