Feb 14Australian shares rose on Tuesday as
commodity prices continued to rally, with the benchmark index
heading for its sixth day of gains in what would be its longest
winning streak in over 6 months.
The S&P/ASX 200 index rose 0.4 percent, or 22.31
points, to 5,782.6 by 0110 GMT. The benchmark rose 0.7 percent
"There’s very positive sentiment in the market. Strong moves
in the commodities market again overnight with iron ore futures
moving up over $90… It's been a catalyst for the mining sector,
including copper," said Gary Burton, a market analyst at IG
Material stocks accounted for most of the gains on the
benchmark, with the ASX Metals and Mining index up
almost one percent on its third day of gains.
The world's second-largest miner Rio Tinto surged
as much as 2.2 percent to its highest in nearly three years
while iron ore giant Fortescue Metals touched its
highest in over six years.
Iron ore futures surged nearly 7 percent to their highest in
more than three years on Monday, following firmer steel prices.
Mining giant BHP Billiton extended gains to a third
consecutive session, unfazed by a strike and shut down of its
copper mine Escondida in Chile.
Copper prices rallied to touch their highest since May 2015,
after shipments from the world's two biggest copper mines,
Escondida mine and Grasberg mine, were disrupted.
Nickel miner Western Areas rose as much as 3.4
percent at one point.
Financial stocks shuffled in narrow ranges with Australia
and New Zealand Bank leading gains, National Australia
Bank flat and the other two banks from the "Big 4"
The biggest bank by market cap, Commonwealth Bank of
Australia is expected to report its half-year results
The world's biggest listed stand-alone wine company Treasury
Wine Estates dropped as much as 5.8 percent to touch
its lowest one-day loss in seven months despite posting a record
New Zealand's benchmark S&P/NZX 50 index edged up
0.4 percent, or 25.99 points, to 7,161.49 by 0113 GMT.
Telecom stocks led gains with Spark New Zealand up
House prices in New Zealand's largest city of Auckland
recovered in January, rising 2.4 percent after a 1.4 percent dip
Meanwhile, Markets operator NZX Ltd fell as much as
4.4 percent to its biggest one-day fall in 4 months, as net
(Reporting by Hanna Paul in Bengaluru; Editing by Kim Coghill)