off-the-wire

Australian shares rise on boost from financials, technology stocks

Kitco Media
By Reuters
Published:
Updated:
Reuters
April 17 (Reuters) - Australian shares edged higher on Monday boosted by banks and technology stocks, while a commodity drag capped gains on the benchmark index as cautious investors looked for cues in a high-cash rate environment. The S&P/ASX 200 index rose 0.4% to 7,389.0 by 0036 GMT. The benchmark posted a 2% weekly gain on Friday. Local financial stocks rose 1.2% as lenders continue to enjoy a higher interest rate environment. All of the "Big Four" banks traded between 0.8% and 1.6%. Tech stocks also gained 0.6%, with ASX-listed shares of Megaport and Xero rising 2.6% and 1.2%, respectively. Energy companies fell 0.2%, even as oil prices firmed. Health and real estate stocks also tracked the broader index. They were up 0.4% and 0.9%, respectively. Gold stocks were among the top losers after bullion prices retreated on Friday due to a stronger dollar and fears over continued interest rate hikes. The sub-index lost over 3.0%.


Index majors Newcrest Mining and Northern Star Resources fell between 3.0% and 2.8%. Miners lost 1.0% as iron-ore prices extended losses on Friday, reflecting concerns regarding China demand. Mining giants BHP Group , Rio Tinto and Fortescue Metals Group all were in the red, dropping between 1.0% and 1.5%.


Among individual stocks, digital payments solutions provider EML Payments jumped 7.0% after a change in management amid turmoil. Lake Resources emerged as the top gainer in the benchmark, rising 6.5%. The lithium developer, along with partner Lilac Solutions, said that 2,500kg of lithium carbonate equivalents have been produced at the Project Kachi plant in Argentina. New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 11,893.3.



(Reporting by Rishav Chatterjee in Bengaluru; Editing by Rashmi Aich)


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