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ASX 200 hits highest closing level since March 13
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Gold stocks hit highest close since April 20, 2022
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Newcrest Mining jumps 5.2% on sweetened Newmont bid
(Updates to close)
By Echha Jain
April 11 (Reuters) - Australian shares closed more than
1% higher in broad-based gains on Tuesday as trading resumed
after a long holiday weekend, while Newcrest Mining soared on a
sweetened $19.5 billion buyout bid from Newmont Corp.
The S&P/ASX 200 index rose 1.3% to 7,309.90, its
highest closing level since March 13. The benchmark fell 0.3% on
Thursday.
Gold stocks jumped 3.1%, hitting their highest close
since April 20, 2022, led by Newcrest Mining amid gains
in bullion prices. Shares of Newcrest jumped 5.2% to close at their highest
since Nov. 16, 2020 after suitor Newmont Corp raised its
offer to A$32.87 per share, valuing Australia's largest gold
miner at A$29.4 billion ($19.5 billion).
Meanwhile, investors across the globe awaited U.S. consumer
price data, due on Wednesday, for more clarity on the path of
interest rates heading into the Federal Reserve's May policy
meeting.
Markets expect the U.S. headline inflation to come at 5.2%
for March, according to a Reuters Poll. In the previous month,
it was 6.0%.
"I am expecting a levelling off in inflation, maybe a small decrease, and I'm quite optimistic," said Brad Smoling, managing director at Smoling Stockbrocking, adding that the data would likely be well-received by the market. In Australia, financials jumped 1.2% to close at their highest since March 9, with the "big four" banks up between 0.8% and 1.8%.
Miners advanced 2.3% as copper prices edged higher on a softer U.S. dollar. Index heavyweights Rio Tinto , BHP Group and Fortescue Metals Group added between 1.9% and 2.9%. OZ Minerals said its A$9.6 billion buyout by BHP was approved by Vietnam's competition regulator. Shares were flat. Separately, consumer finance firm Latitude Group said it would not pay a ransom to those behind last month's cyber attack, saying it would harm the broader community by encouraging further attacks. Shares rose 0.4%. New Zealand's benchmark S&P/NZX 50 index was flat at 11,873.58. ($1 = 1.5049 Australian dollars) (Reporting by Echha Jain in Bengaluru; Editing by Subhranshu Sahu)
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