Australian shares on three-day winning streak; banks, miners lead

Ramsay Health Care

23/01/2024 05:45

* 
      AXJO on three-day winning streak
    

        * 
      Financials at about 2-year high
    

        * 
      CBA at record closing high
    

  
 (Updates to close)
    By Aaditya GovindRao
       Jan 23 (Reuters) - Australian shares extended gains on Tuesday, driven
by miners and financial stocks, as a survey showed that business confidence in
the country improved last month, while technology stocks continued to track a
Wall Street rally. 
    The S&P/ASX 200 index  .AXJO  jumped 0.5% to 7,514.90 points, its highest
closing level in two weeks, and marked its third straight daily rise.  
    The S&P 500 ended at its all-time closing high for a second straight
session, as technology firms added to recent gains.  .N 
    Locally, a survey from National Australia Bank  NAB.AX  showed its measure
of business confidence rebounded 7 points to -1 last month.
    "Gains today came courtesy of supportive tailwinds from Wall Street and as
the NAB Business confidence index improved in December from the prior month,"
said Tony Sycamore, a market analyst at IG Australia.
    Heavyweight financials  .AXFJ  rose 0.8%, ending at their highest level
since late-April 2022, and recording their fourth straight daily gain.
    The 'big four' banks firmed between 0.5% and 1%, while top lender
Commonwealth Bank of Australia  CBA.AX  ended at its record closing high.
    Miners  .AXMM  climbed 0.6% in their best day in two weeks, following a rise
in iron ore prices after top steel producer China pledged to support market
confidence.  IRONORE/ 
    Sector giants BHP  BHP.AX  and Fortescue  FMG.AX  rose 1% and 0.8%,
respectively. 
    Information technology stocks  .AXIJ  also extended their rally, rising 0.6%
on a positive lead from their Wall Street peers  .IXIC .
    Index major Wisetech Global  WTC.AX  rose 2.7%, having hit its highest level
since August during the session, before paring gains. 
    Healthcare companies  .AXHJ  climbed 1%, rising for a third consecutive day
to end at a seven-month high, with Healius  HLS.AX  and Ramsay Health Care
 RHC.AX  gaining 2.6% and 1.2%.
    Bucking the trend, gold stocks  .AXGD  lost 0.7%, with Northern Star
Resources  NST.AX  and Evolution Mining  EVN.AX  dropping 2% and 2.2%,
respectively.
    Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index  .NZ50 
finished about 1% higher at 11,802.88 points.

 (Reporting by Aaditya Govind Rao and Sneha Kumar in Bengaluru; Editing by
Mrigank Dhaniwala)
 ((Aaditya.govindrao@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 ))