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Australia shares extend gains as commodity-exposed firms shine

Published 07/04/2021, 10:47 am
Updated 07/04/2021, 10:48 am
© Reuters.

© Reuters.

April 7 (Reuters) - Australian shares on Wednesday extended gains for a fourth session, driven by commodity-exposed stocks on firm crude and metals prices and as investors placed bets on improving prospects for a global economic recovery.

The S&P/ASX 200 index .AXJO climbed 0.5% to 6,920.2 points in early trade, hitting a fresh high since mid-February. Elsewhere in Asia, Nikkei futures NKc1 were up 0.4%.

On Tuesday, the International Monetary Fund raised its global economic growth forecast to 6% this year, a rate unseen since the 1970s. economic data from China and the United States lifted oil prices by 1%, while a retreating dollar and lower U.S. Treasury yields boosted bullion.

While copper prices climbed on supply concerns after top producer Chile closed its borders following a spike in coronavirus infections.

Strong commodities lifted sentiment despite the pullback on Wall Street overnight. All three major U.S. stock indexes closed in the red, pulling back from the prior session's record closing highs, while Treasury yields edged lower. MKTS/GLOB

ASX 300 metals and mining index .AXMM rose 0.67%, while the gold sub-index .AXGD climbed 1%, led by Resolute Mining Ltd RSG.AX that advanced 4.4%.

Technology stocks .AXIJ rose 1.8%, led by EML Payments Ltd EML.AX , up 10.7%, followed by NEXTDC Ltd NXT.AX that gained 3.6%.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.68% to 12,484.3.

The top percentage gainers in the benchmark index are Contact Energy Ltd CEN.NZ , up 2.8%, followed by Pushpay Holdings Ltd PPH.NZ and Air New Zealand Ltd AIR.NZ that climbed 2.5% and 1.9%, respectively.

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