Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Australia shares edge higher helped by financials, gold stocks; NZ down

Published 24/09/2019, 12:43 pm
© Reuters.  Australia shares edge higher helped by financials, gold stocks; NZ down
AXJO
-
BA
-
BHP
-
ANZ
-
WDS
-
HG
-
WHC
-
PRU
-
AIZ
-
AXGD
-
AXMM
-
AXEJ
-
AXFJ
-
GOR
-
NZ50
-
S32
-

* Investors await RBA governor's speech for policy clues

* Markets cautious on weak global data

* Higher bullion prices help gold stocks

By Nikhil Subba

Sept 24 (Reuters) - Australian shares inched up on Tuesday, as declines in the resource sector were balanced by gains among the "Big Four" banks while investors awaited a speech by the central bank governor later in the day.

The S&P/ASX 200 index .AXJO rose nearly 0.1% or 5.3 points to 6,755.00 by 0226 GMT. The benchmark closed 0.3% higher on Monday.

Reserve Bank of Australia Governor Philip Lowe's speech will be the focus "mainly because of the impact it could have around the conversation on interest rate cuts next Tuesday when the RBA meets", said Stephen Daghlian, market analyst at CommSec.

Financial futures 0#YIB: are now pricing an 80% chance of cut by the RBA in Oct. 1 to a record low 0.75%, up from a 50-50 probability before data last week showed the unemployment rate had increased to a one-year high of 5.3% in August. on the commentary we get tonight, that could shift things a little", Daghlian added.

Investors were also cautious on concerns of slowing growth with the United States and the Europe zone logging in weak economic data overnight. financial index .AXFJ , the heaviest component of the Australian benchmark, was the top gainer, rising 0.4% to its highest since Feb. 5, 2018.

The biggest banks all traded higher, with Australia and New Zealand Banking Group ANZ.AX gaining as much as 0.9% to a 2-1/2 month high.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Gold stocks .AXGD increased as much as 2.3% to their highest since Sept. 6, as gold prices rose to their highest in over two weeks after the weak euro zone data stoked global recession fears. Mining PRU.AX advanced almost 4% to a near three-week high and Gold Road Resources GOR.AX hit a more than one-week high.

Capping gains on the benchmark, the broader mining sector .AXMM fell 0.4%, hurt by lower copper prices, which tumbled to their lowest in two and a half weeks.

Heavyweight BHP Group BHP.AX , which has been increasing its exposure to copper, fell almost 1% while diversified miner South32 S32.AX shed over 3% to hit a near three-week low.

The energy subindex .AXEJ fell 0.2% as oil and gas heavyweight Woodside Petroleum's WPL.AX slipped 0.2% slip Whitehaven Coal's WHC.AX tumbled more than 3%.

New Zealand's benchmark S&P/NZX 50 index .NZ50 edged down nearly 0.1% or 12.62 points to 10,860.96.

Air New Zealand Ltd AIR.NZ , which said it signed contracts to buy eight Boeing (NYSE:BA) BA.N 787-10 Dreamliners, slipped about 1%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.