| March 28
March 28 Australian shares clawed back lost
ground on Tuesday, with financials and energy stocks
outperforming the index, as investors shifted their focus back
to the regional market.
Shares had fallen as much as 1 percent in the previous
session taking cues from Wall Street's fall on Friday, with
miners accounting for most of the losses.
The S&P/ASX 200 index gained 1 percent, or 56.10
points to 5,802.80 by 0052 GMT.
What's driving the market "is a more inward looking view on
the Australian market," said James McGlew, executive director of
corporate stock-broking at Argonaut adding that the market
"doesn't necessarily have to get dragged along by what's
happening on the Wall Street."
Financials led the gains, with the index rising 1.5
percent. The "Big Four" banks rose 1.4 percent to 1.8 percent.
On Friday, Commonwealth Bank of Australia and
Australia and New Zealand Banking Group hiked mortgage
rates for speculative buyers as part of an intensifying campaign
by regulators to hose down a heated housing market.
Earlier, National Australia Bank and Westpac
Banking Corp made similar hikes, citing regulations,
higher funding costs and intense competition.
The energy index rose as much as 1.3 percent to its
highest in over a month, with Woodside Petroleum, Oil
Search and Origin Energy rising 0.9 to 1.4
Material stocks rose 0.7 percent with miners BHP
Billiton, Rio Tinto and Fortescue Metals Group
gaining between 1.1 to 1.4 percent.
"Material stocks are moving on the positive sentiment in the
market," McGlew added.
Bucking the broader trend, gold stocks fell 0.8
percent, even as gold prices rose more than 1 percent.
The gold index had finished nearly 2 percent higher
Gold miner Newcrest Mining, St Barbara and
Northern Star Resources fell between 0.7 percent to 3.5
Shares of department store giant Myer Holdings fell
3.6 percent, after it said it had not received any communication
related to any corporate activity on Monday.
On Monday, the Australian Financial Review quoted sources as
saying 10 percent of Myer's shares were bought by Australian
businessman Solomon Lew at a premium. (bit.ly/2o7GLpo)
New Zealand's benchmark S&P/NZX 50 index declined
marginally, with losses in telecom and real estate stocks
erasing gains in healthcare and financial sectors.
Spark New Zealand and Mercury NZ dragged
the index down, losing 1 percent and 1.3 percent, respectively.
For more individual stocks activity click on
(Reporting by Krishna V Kurup in Bengaluru; Additional
reporting by Sandhya Sampath; Editing by Simon Cameron-Moore)