Australia shares end higher on gains in miners, EML Payments

EML Payments

13/04/2022 08:12

* EML Payments jumps on confirming talks of potential
takeover
    * Reserve Bank of New Zealand hikes rates, biggest in 20
years 

 (Updates to close)
    By Archishma Iyer
    April 13 (Reuters) - Australian shares ended higher on
Wednesday lifted by miners and energy stocks, which tracked
gains in commodity prices, and as EML Payments surged after the
company disclosed takeover interest.
    The S&P/ASX 200 index  .AXJO  rose 0.3% to 7,479 points at
the close of trade. The bourse closed 0.4% lower on Tuesday. 
    EML Payments  EML.AX  was among the biggest percentage
gainers on the main index, ending nearly 11% higher. The company
said it was in talks with U.S. private equity firm Bain Capital
for a potential buyout, but that the talks had ceased without an
agreed deal.  urn:newsml:reuters.com:*:nL3N2WB04Q
    Miners  .AXMM  led gains, rising 1% on stronger iron ore
prices after the Chinese State Council told local governments to
ensure easy transportation channels for smooth logistics like
key raw materials.  IRONORE/ 
     Rio Tinto Ltd  RIO.AX  and BHP Group  BHP.AX  gained about
2% and 0.1%, respectively. 
    Energy companies  .AXEJ  followed suit, with a near 1% rise,
as Brent crude prices were lifted by worries that more sanctions
against Russia will result in tight supply crunches.  O/R 
    Index majors Santos Ltd  STO.AX  and Beach Energy  BPT.AX 
gained around 1.3% and 1% respectively. 
    "The key focus point for now will be the metals and energy
markets as commodity prices are rising globally," Henry
Jennings, a senior analyst from Marcustoday Financial Newsletter
said.
    "There is still a bit of optimistic mood out there, but it
is tempered down with some caution." 
    Bullion prices pushed gold stocks  .AXGD  up 1.3% as
concerns over escalation of the Ukraine war led to investors
scurrying to the safe-haven asset.  GOL/ 
    Sector heavyweights Newcrest Mining  NCM.AX  and Northern
Star Resources  NST.AX  rose 0.2% and 1.5%, respectively. 
    Across the Tasman Sea, the Reserve Bank of New Zealand
raised key policy rates by 50 basis points, in its biggest hike
in about 20 years, to reduce higher price pressures.
 urn:newsml:reuters.com:*:nL2N2WB03M
    New Zealand's benchmark S&P/NZX 50 index  .NZ50  fell 0.1%
to 11,875 points to finish the session. 
    

    

 (Reporting by Archishma Iyer in Bengaluru; Editing by Amy Caren
Daniel)
 ((Archishma.Iyer@thomsonreuters.com))
 
((For more information on DIARIES & DATA:
 U.S. earnings diary   RESF/US   
 Wall Street Week Ahead    .N/O 
 Global Economy Week Ahead  DATA/ 
................................................................
For latest top breaking news across all markets           NEWS1 ))