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Australia shares scale nine-month high as miners rally further

Stock Markets Dec 07, 2020 17:00
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* Miners hit highest since April 2011

* Bull run for resources to continue into 2021 - analyst

* NZ's Tilt Renewables hits record high on possible buyout (Updates to close)

By Shruti Sonal

Dec 7 (Reuters) - Australian shares scaled a fresh nine-month high on Monday as a red-hot rally in iron ore prices showed no signs of easing and lifted heavyweight mining stocks for a fifth straight session.

The S&P/ASX 200 index .AXJO settled higher 0.6% at 6,675, after having earlier climbed as much as 1.2% to its highest since Feb. 27.

Australian stocks also outperformed broader Asia, which fell after a Reuters report the United States was preparing to impose sanctions on some Chinese officials raised concerns about relationship between the world's top two economies. MKTS/GLOB

Mining stocks .AXMM hit their highest since April 2011, adding about 10% in the past five sessions, as iron ore prices rose further driven by supply concerns and robust demand in China.

"Iron ore prices are set to remain high in the short term until more supply hits the market," said James McGlew, executive director of corporate stockbroking at Argonaut. "For now, it would appear that the bull run for resources will continue into 2021."

Fortescue Metals Group FMG.AX scaled a fresh peak, while BHP Group BHP.AX and Rio Tinto (LON:RIO) RIO.AX touched their highest since April 2011 and May 2008, respectively.

Among individual stocks, retailer Metcash Ltd MTS.AX led gains on the benchmark after posting a jump in first-half underlying profit after tax. stocks .AXEJ gained up to 2.2%, with Santos Ltd STO.AX adding 3.8% on a 10-year agreement to supply liquefied natural gas from its Barossa project to a unit of Japan's Mitsubishi Corp 8058.T . stocks .AXFJ underperformed the broader rally as regulatory woes continued for banks.

The banking regulator said it had ordered a securitisation review after finding irregularities with how some banks repurchased residential mortgage loans that had repayments deferred. Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.2% to close at 12,631.38.

Tilt Renewables TLT.NZ hit a record high after top shareholder Infratil IFT.NZ said it was looking at potentially selling its 65.5% stake, which may result in an offer for all of Tilt.

Australia shares scale nine-month high as miners rally further
 

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