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Australia shares close higher on rebound in miners, financials

Published 19/01/2021, 04:40 pm
Updated 19/01/2021, 04:42 pm
© Reuters.

© Reuters.

* Bingo Industries top gainer on ASX200 on $1.8 bln buyout offer

* Rio Tinto (LON:RIO) rises after Q4 output numbers; BHP results in focus

* Tyro to resolve terminal outage issues by the end of the week (Updates to close)

By Rashmi Ashok

Jan 19 (Reuters) - Australian shares ended firmer on Tuesday, as mining and financial stocks recovered from sharp losses in the previous session, with Bingo Industries being the biggest gainer in the index after the waste management firm received a buyout offer.

The S&P/ASX 200 index .AXJO rose 1.2% to 6,742.60 at the close of trade, after it ended 0.8% lower on Monday.

The gains seem to be a correction from Monday's downside moves, while positive GDP figures from China on Monday also helped broader sentiment, said Nick Twidale, CEO of APAC at Sydney-based brokerage FP Markets.

Data on Monday showed that economic growth in Australia's largest trading partner, China, picked up speed in the fourth quarter, with growth beating expectations. no fresh negative news and domestic COVID-19 cases seem to be stabilising. These factors are helping investor confidence squeak back in," Twidale added.

Most investors are hoping that the quick recovery in Beijing's economy could help spur growth across the rest of the region, while Australia recorded another day with no new locally acquired cases on Tuesday. Industries BIN.AX was the top gainer in the index, ending 20.4% higher after a private equity firm made a A$2.29 billion ($1.76 billion) play for the company. miner Rio Tinto's RIO.AX shares rose 0.7% after the company reported a 2.4% rise in fourth-quarter iron ore shipments. Rival BHP Group BHP.AX , due to report second-quarter production results on Wednesday, ended the session 0.9% higher. .AXFJ climbed 1.3%, with lender Westpac Banking Corp WBC.AX among top gainers with an nearly 2% gain.

Tyro Payments TYR.AX - not a constituent of the ASX200 - ended 25% higher after the payments processor said it expects to resolve outages that have plagued its terminal fleet since early January. Looking to win back faith with investors, the company also rebuffed a short-seller report.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.3% or 42.95 points to finish the session at 12,881.31.

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