Views Article – Sharenet Wealth

Australasia, News

Miners, tech stocks lift Australia shares; South32 soars

Oct 14 (Reuters) – Australian shares edged higher on Thursday, driven by gains in metal-centric and tech stocks, while diversified miner South 32 surged to a three-year high on buying a stake in a Chilean copper mine.

The S&P/ASX 200 index rose 0.79% to 7,329.7 points by 0019 GMT. The benchmark dipped 0.1% on Wednesday.

Major Aussie miners rose 1.65% on the back of strong prices of zinc, copper and aluminium due to a power shortage in China.

BHP Group and Rio Tinto jumped as much as 1.4% each.

Shares of South32 Ltd jumped 11.5% and headed for their best day in 1-1/2 years as the company agreed to buy a 45% stake in the Sierra Gorda copper mine in Chile for $1.55 billion.

Australian technology stocks rose 2.23%, tracking overnight gains on Nasdaq, where big growth names like Amazon.com and Microsoft provided much of the momentum.

WiseTech Global Ltd, which provides software for logistics companies, added 4.2% to be the top gainer on the sub-index. Software provider Iress Ltd rose 3.3%.

CSL Ltd climbed 1.7% after the biotech giant confirmed its commitment to produce roughly 50 million doses of AstraZeneca’s COVID-19 vaccine into 2022. Media reports had earlier said AstraZeneca’s shot would no longer be made in Australia.

Gold stocks rose 2.96% as bullion prices neared a one-month peak overnight, helped by a pullback in the dollar and U.S. Treasury yields.

Gold miner Dacian Gold Ltd led gains on the sub-index, rising 7.32%, followed by Pantoro Ltd rising 6.1%.

New Zealand’s benchmark S&P/NZX 50 index rose 0.63% to 13,107.3. Elsewhere, S&P 500 E-minis futures were up 0.27%. (Reporting by Riya Sharma in Bengaluru; Editing by Ramakrishnan M.)


© 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.