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Australian shares rise 0.8 pct, banks & miners firm
April 9, 2013 / 12:26 AM / 5 years ago

Australian shares rise 0.8 pct, banks & miners firm

(Updates to open)

SYDNEY, April 9 (Reuters) - Australian shares rose 0.8 percent led by blue chip financials and miners after Wall Street and metals prices rose overnight.

The benchmark S&P/ASX 200 index added 37.3 points to 4,944.2 by 0014. The index rose 0.3 percent on Monday, snapping three sessions of losses.

The mood was helped by U.S. stocks ending a volatile session higher on Monday. Copper prices also rose, rebounding from falls the previous week, as the euro gained ground against the dollar and a strike in Chile raised concerns over temporary supply constraints.

Global miners BHP Billiton Ltd and Rio Tinto Ltd advanced 1.2 percent and 1.8 percent respectively.

Steel futures in China, Australia’s biggest trading partner, rose on Monday to their highest in more than a week in anticipation of improving demand in the second quarter, supporting raw material iron ore.

Banking stocks also underpinned the market, with Westpac Banking Corp rising the most in the sector, up 1.2 percent.

New Zealand’s benchmark NZX 50 index rose 0.2 percent or 9.6 points to 4,406.8. (Reporting by Thuy Ong; Editing by Shri Navaratnam)

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