Feb 1 (Reuters) - Australian shares rose on Wednesday,
lifted by stronger commodity prices, as the benchmark index
tracked overnight gains on Wall Street after encouraging U.S.
data.
The S&P/ASX 200 index rose 0.7% to 7,532.2 points by
2339 GMT. The benchmark slipped about 0.1% on Tuesday.
U.S. stocks closed higher on Tuesday after data showed
labour cost growth in the fourth quarter was the smallest in a
year, at 1.0%, even in a tight jobs market. Domestic miners rallied, with the sub-index gaining
1.3%. Iron-ore behemoths BHP Group , Rio Tinto and Fortescue Metals were up between 1.2% and 1.6%,
respectively.
Financials rose 0.6% to its highest since May 2022,
with all "Big Four" banks posting gains.
Local energy stocks added 0.5% on the back of steady
oil prices overnight. Sector majors Woodside and Santos climbed 0.9% each.
Technology stocks rose 0.5%, with Xero and
Block Inc adding gains to the benchmark.
Among individual stocks, Flight Centre Travel Group surged as much as 14.9%, eyeing its best day in more than two
years as the travel agency said it will buy British travel
business Scott Dunn for A$211 million ($148.67 million).
The company undertook a A$180 million capital raising to
fund the acquisition.
Credit Corp was the top loser on the ASX 200 after
its profit fell and missed analysts' estimates. Its shares fell
9.2% in its worst session Aug. 2, 2022.
Maggie Beer dropped 7% despite posting a rise in
half-year net sales and profit.
In New Zealand, the benchmark S&P/NZX 50 index was
down 0.7% at 12,056.5.
($1 = 1.4192 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru; editing by
Uttaresh.V)
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