April 5 (Reuters) - Australian shares gained for an
eighth consecutive session on Wednesday to hit their highest in
nearly four weeks, led by gold and technology stocks, a day
after the country's central bank paused interest rate hikes.
The S&P/ASX 200 index rose 0.2% to 7,250 by 0033
GMT. The benchmark inched higher 0.2% on Tuesday.
The Reserve Bank of Australia on Tuesday left its cash rate
unchanged at 3.6% to break a run of 10 straight hikes, saying it
wanted additional time to assess the impact of past increases as
the economy slows and inflation has peaked.
Gold stocks rose 3.6% to hit their highest in more
than 11 months, underpinned by firmer bullion prices. Sector giants Newcrest Mining and Northern Star
Resources both added more than 3%.
Viva Energy jumped 5.8% to a record high after the
fuel supplier said it would buy convenience store operator On
the Run (OTR Group) from Adelaide-based Peregrine Corp for
A$1.15 billion ($776.60 million).
Technology stocks rose 0.8%, with Xero and
Block Inc up between 1.6% and 0.8%.
Mining stocks dropped after copper prices declined
overnight. Rio Tinto and Fortescue Metals slipped 1.3% and 2.1%, respectively.
Megellan Financial group was the top ASX 200 loser
with a drop of more than 8% after it reported an increase in
outflows for March.
New Zealand's benchmark S&P/NZX 50 index rose 0.3%
to 11,929.20.
The Reserve Bank of New Zealand is scheduled to meet later
in the day where it is widely expected to lift the interest rate
by 25 basis points to 5.00%. However, economists are split on
whether it will follow up with another 25 basis-point hike in
May.
(Reporting by Nausheen Thusoo in Bengaluru; Editing by
Subhranshu Sahu)
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