March 21 (Reuters) - Australian shares jumped 1% on
Tuesday tracking global equities, with miners and financials
leading gains, as active steps to rescue distressed banks eased
fears of a banking crisis and boosted sentiment.
The S&P/ASX 200 index jumped 1.06% to 6,971.40 by
2346 GMT, its biggest intraday gain since Jan. 12. The benchmark
ended 1.4% lower on Monday.
UBS on Sunday agreed to buy 167-year-old
Credit Suisse for $3.23 billion in a merger engineered
by Swiss authorities to avoid more turmoil in the banking group.
Also, top central banks moved over the weekend to bolster
the flow of cash around the world.
All eyes are now on the U.S. Federal Reserve's two-day
monetary policy meeting later this week, where economists are
widely expecting a 25 basis point interest rate hike, according
to a Reuters Poll.
In Sydney, miners jumped 1.5%, with sector majors
Fortescue Metals Group , Rio Tinto and BHP
Group adding between 1.6% and 1.7%.
Financials advanced 1.4%, tracking a global rally in
banking stocks. All the 'big four' banks jumped between 0.5% and 1.2%.
National Australia Bank said its Chief Financial
Officer Gary Lennon will retire on Oct. 1, after seven years in
the role.
Gold stocks , on the other hand, dipped 1.6% after
bullion prices retreated from their highest level in a year. Newcrest Mining and Northern Star Resources fell 0.8% and 2.6%, respectively.
New Hope Corporation jumped 6.1% to become the top
gainer on the bourse, after the coal miner's reported first-half
earnings more than doubled.
Mincor Resources jumped nearly 40%, after receiving
a buyout offer from billionaire Andrew Forrest-backed Wyloo
Metals' unit, valuing the nickel miner at A$750.3 million
($503.98 million).
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50
index was flat at 11,567.47.
($1 = 1.4888 Australian dollars)
(Reporting by Echha Jain in Bengaluru; Editing by Rashmi Aich)
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