Australian shares rise on commodity boost after China eases COVID curbs

Genex Power

28/12/2022 24:17

Dec 28 (Reuters) - Australian shares rose on Wednesday,
lifted by commodity-related stocks, as underlying commodity
prices rallied after China decided to relax its COVID-19
restrictions.
    The S&P/ASX 200 index  .AXJO  rose 0.1% to 7,114.10 points
by 2314 GMT, after shedding 0.6% on Friday. The market was
closed for public holidays on Dec. 26 and Dec. 27. 
    The benchmark index received a boost from China's move to
stop requiring inbound travellers to go into quarantine starting
Jan. 8, a major step towards easing its COVID-19 containment
policy that has curbed industrial activity and domestic demand,
and ignited public unrest last month.  urn:newsml:reuters.com:*:nL8N33H034
    Domestic gold stocks  .AXGD  added about 1.7% after gold
prices jumped to their highest level in six months.  GOL/ 
    Sector heavyweights Newcrest Mining  NCM.AX  and Northern
Star Resources  NST.AX  gained 2% and 1.7%, respectively.
    Miners  .AXMM  advanced about 0.7% after iron ore prices
rose, with sector majors Rio Tinto  RIO.AX , BHP Group  BHP.AX ,
and Fortescue  FMG.AX  gaining between 0.9% and 1.5%.  IRONORE/ 
    Energy stocks  .AXEJ  jumped about 1.1% after oil prices hit
a three-week high in early trade due to hopes of demand
recovery.  O/R 
    Tech stocks  .AXIJ  fell 0.3%, chasing the drag on Wall
Street as rising Treasury yields dampened sentiment. ASX-listed
shares of Block Inc  SQ2.AX  gave up 1.1% and Megaport  MP1.AX 
fell 0.6% . N 
    Financials  .AXFJ  fell about 0.1%, with the "Big Four"
banks losing 0.1%-0.5%.
    Meanwhile, renewable energy firm Genex Power  GNX.AX  was
eyeing its worst day in over three years after a consortium led
by Atlassian  TEAM.O  co-founder Scott Farquhar withdrew its
buyout bid for the company.  urn:newsml:reuters.com:*:nL4N33H26C
    In New Zealand, the benchmark S&P/NZX 50 index  .NZ50  rose
1% to 11,510.58 points.
 (Reporting by Nausheen Thusoo in Bengaluru; editing by
Uttaresh.V)
 ((Nausheen.Thusoo@thomsonreuters.com;))
 
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