🚀 ProPicks AI Hits +34.9% Return!Read Now

Australia shares rise on U.S. stimulus hopes, gold stocks boost

Published 17/12/2020, 11:39 am
© Reuters.
AXJO
-
BHP
-
FMG
-
RIO
-
NCM
-
RIO
-
HG
-
AXGD
-
AXMM
-
AXIJ
-
NST
-
NZ50
-
XRO
-
APT
-

* Gold, mining stocks lead gains on benchmark

* Australia appeals to WTO on China barley import tariffs

* NZ GDP grows by record 14% in Q3

By Arpit Nayak

Dec 17 (Reuters) - Australian shares rose on Thursday as gold miners posted hefty gains on a stronger bullion, while expectations for a massive U.S. stimulus bill boosted broader risk sentiment.

The S&P/ASX 200 index .AXJO rose 0.4% to 6,708.5 by 0010 GMT, with miners leading the charge.

Gold stocks .AXGD gained as much as 1.5% after prices of the yellow metal firmed on hopes of a stimulus package in the United States. Newcrest Mining NCM.AX climbed 1.5% and Northern Star Resources NST.AX gained 2.3%. GOL/

U.S. congressional negotiators were "closing in on" a $900 billion COVID-19 aid bill and Congress could start voting within 24 hours, lawmakers and aides said. Meanwhile, the U.S. Federal Reserve reiterated its pledge to keep its benchmark interest rate near zero. .N from gold stocks helped heavyweight miners .AXMM jump 0.9%.

BHP Group BHP.AX gained 1.2% and Fortescue Metals Group FMG.AX added 2.1% as iron ore prices rose on supply concerns in China as shipments are expected to slow. IRONORE/

Rio Tinto (LON:RIO) RIO.AX was up 0.6% after the miner confirmed a $6.75 billion price tag on underground expansion at its Oyu Tolgoi copper mine in Mongolia while locked in a feud with a majority-owned partner over funding for the project. a strong lead from U.S. peers, local tech stocks .AXIJ scaled a record peak, with Afterpay APT.AX and Xero XRO.AX jumping 4.1% and 2.2%, respectively.

Meanwhile, Canberra launched a formal appeal to the World Trade Organisation on Wednesday seeking a review of China's decision to levy heavy tariffs on Australian barley imports as ties between the trading partners continued to strain. Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.5% to 12,892.98 after the country reported a record 14% surge in third-quarter gross domestic product as virus curbs were relaxed, beating expectations.

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.