Australian, NZ shares higher on China stimulus prospects
* Mining stocks, banks lead gains
* China stimulus boosts global risk sentiment
* NZX ahead on financial and utility stocks
By Devika Syamnath
March 12 (Reuters) - Australian stocks pulled ahead on
Tuesday, tracking a global rally and as hopes China would
implement policies to shore up its economy supported the
The S&P/ASX 200 index climbed 0.3 percent, or 21.1
points, to 6,201.3 by 0043 GMT, recovering some of its 0.4
percent decline on Monday.
On Monday, Wall Street climbed and China's main bourses
clawed back almost half the 4 percent they lost on Friday on
expectations of more economic stimulus to prop up slowing
"Nice bounce overnight in line with the U.S. markets. Should
be a better day today, though for me the set up is still for
lower prices," said Greg McKenna, strategist at McKenna Macro in
a note. Australian stocks have added over 14 percent in value
since grazing a two-year low on Dec. 24.
Financials and commodity stocks backed most of the
benchmark's cheer on the day.
An index of mining stocks advanced over one percent,
bolstered by low levels of copper stocks in LME warehouses,
which propped up prices of the red metal on Friday.
Global mining heavyweights Rio Tinto and BHP Group
in turn rose over 2 percent, each.
Energy stocks also rose 1.2 percent, benefiting from
higher oil prices lifted by output cuts led by producer group
Oil and gas companies Santos and Woodside Petroleum
each added 2.4 percent and 1.2 percent.
Financial stocks rose 0.2 percent.
In other sectors, shares of intellectual property services
provider Xenith Ip Group spiked as much as 15.3 percent
to its best level in over one and a half years after its larger
competitor IPH Ltd made an offer to buy it for about
Meanwhile, New Zealand stocks also advanced with
financial and utility stocks driving the gains.
The benchmark S&P/NZX 50 index was 0.2 percent, or
17.39 points, higher at 9,408.24.
Financial services provider Heartland Group rose as
much as 1.3 percent while Fletcher Building Ltd was up
(Reporting by Devika Syamnath in Bengaluru; Editing by Sam
© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.