Australian shares rise as miners, banks gain; Boral leaps on strong results

Boral

08/02/2023 24:59

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  .AXJO  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  BLD.AX  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  .AXMM 
added 0.9%, with BHP Group  BHP.AX  and Rio Tinto  RIO.AX 
rising between 0.9% and 1.2%.
    Fortescue Metals Group  FMG.AX  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  .AXFJ  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  SUN.AX  rose 1.7% after posting a 63%
jump in first-half cash earnings.
    Gold stocks  .AXGD  ascended 0.9%, tracking firmer bullion
prices. Sector heavyweight Newcrest Mining  NCM.AX  and Northern
Star Resources  NST.AX  jumped 2.2% and 1%.  GOL/  
    Energy stocks  AXEJ  rose 0.6% as oil prices climbed more
than 3%. Sector major Woodside Energy  WDS.AX  and Santos
 STO.AX  edged up 0.9% and 0.4% respectively.  O/R 
    Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50
index  .NZ50  rose 0.4% to 12,173.16 points.
 (Reporting by Nausheen Thusoo in Bengaluru; editing by
Uttaresh.V)
 ((Nausheen.Thusoo@thomsonreuters.com;))
 
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