Australia shares rise; banks offset losses in mining, energy stocks

Syrah Resources

07/01/2025 24:02

Jan 7 (Reuters) - Australian shares rose for a fourth straight day on Tuesday, on the
back of gains in banks offsetting losses in miners and energy stocks as investors took cues from
Wall Street performance overnight. 
    The S&P/ASX 200 index  .AXJO  rose 0.4% to 8,289.1 points by 2338 GMT. The benchmark closed
0.1% higher on Monday.
    The S&P 500 and Nasdaq Composite rose on Monday with a rally in semiconductor stocks and a
report suggesting a less aggressive tariff stance from the incoming Trump administration.  .N 
    Locally, traders are also on the lookout for the November consumer price index (CPI) data
due on Wednesday. The figure is expected to increase to 2.2% compared with a rise of 2.1% in
October, according to a Reuters poll of economists. 
    Financials  .AXFJ  were up 0.6% in their fourth session of consecutive gains. Three of the
"big four" banks rose between 0.3% and 0.5%. 
    Miners  .AXMM  lost 0.2%, falling for the third straight day. 
    Iron ore prices were pressured by a slower hot metal output in China and a weakness in the
top consumer's equity markets.  IRONORE/ 
    BHP  BHP.AX  was flat while Rio Tinto  RIO.AX  fell 0.2%.
    Gold stocks  .AXGD  declined 0.6% as prices of the precious metal fell on higher U.S.
treasury yields.  GOL/ 
    Northern Star Resources  NST.AX  dropped 0.6% while Evolution Mining  EVN.AX  slipped 0.7%. 
    Energy stocks  .AXEJ  too shed 0.3%, tracking a dip in oil prices. The sub-index is on its
way to snap a nine-day winning streak.  O/R 
    Woodside Energy  WDS.AX  dipped 0.3% and Santos  STO.AX  was flat.  
    Among company news, shares of Syrah Resources  SYR.AX  rose 2.3% to A$0.22 after it secured
a loan waiver amid Mozambique unrest.       
    New Zealand's benchmark S&P/NZX 50 index  .NZ50  fell 0.1% to 13,060.63 points.
    
             

 (Reporting by Sneha Kumar in Bengaluru; Editing by Alan Barona)
 ((Sneha.kumar@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 ))