Australian stocks rise as Omicron fears easing supports commodities – Markets


Australian stocks rose on Monday, helped by energy and mining stocks, as commodity prices strengthened amid easing concerns about the impact of the Omicron coronavirus variant on global economic growth.

The S & P / ASX 200 climbed 0.5% to 7,388 at 12:37 GMT, rebounding from a 0.4% drop on Friday.

Energy stocks climbed 1.6%, following a nearly 1% jump in oil prices at the start of Asian trading. Beach Energy and Woodside Petroleum added 1.8% and 1.7%, respectively, to lead the gains on the sub-index.

Coal gas producer Senex Energy gained nearly 3% after agreeing to be acquired by South Korea’s POSCO International in an A $ 852.1 million deal.

Mining stocks benefited from a sentiment of optimistic growth with an increase of 1.4%. Global miners Rio Tinto, BHP and Fortescue gained between 1.1% and 2.3%.

Real estate investor Charter Hall rose 4.7% and was among the biggest gainers in the benchmark after raising its annual profit forecast for the second time in two months.

The broader sentiment was also supported by a solid finish on Wall Street on Friday, after data showed US consumer inflation, which peaked over 39 years, was still in line with market consensus. .

Markets are bracing for a faster-than-expected interest rate hike from the Federal Reserve if inflation continues to rise.

In New Zealand, the benchmark stock market fell 0.2% to 12,834.88. Pushpay Holdings and Serko fell around 2% each to lead the losses on the index.


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