🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Australian shares end at 1-month high as Sino-U.S. trade talks lift mood, NZ rises

Published 05/09/2019, 04:31 pm
Updated 05/09/2019, 04:40 pm
© Reuters.  Australian shares end at 1-month high as Sino-U.S. trade talks lift mood, NZ rises
AUD/USD
-
AXJO
-
BHP
-
NCM
-
SBM
-
WOR
-
WDS
-
CL
-
AXGD
-
AXMM
-
AXEJ
-
AXFJ
-
NZ50
-
DHN
-
MEZ
-
VUK
-

* Oil prices rebound on confirmation of trade talks

* Energy, financial stocks lead gains

* Aussie shares of CYBG Plc top decliner on benchmark (Updates to close)

Sept 5 (Reuters) - Australian shares ended a three-day losing streak to close at a one-month high on Thursday, as confirmation of U.S.-China trade talks cheered investors, while soaring crude oil prices powered energy stocks.

The S&P/ASX 200 index .AXJO closed up 0.9% at 6,613.2 points. The benchmark fell 0.3% on Wednesday.

Oil prices, which had risen more than 4% overnight and dipped slightly in early Asian trade, rebounded after China and the United States agreed to hold high-level trade talks in early October in Washington. O/R

China's commerce ministry also said its trade team will consult with their U.S. counterparts in mid-September in preparation for the meeting. gains on the benchmark index, energy stocks .AXEJ jumped 1.4%, with its biggest player Woodside Petroleum WPL.AX marking its best day in over 2 months, while engineering services provider WorleyParsons WOR.AX added 4.1%.

Financial stocks .AXFJ also provided a boost to the local benchmark, rising 1% to a more than three-week high. The country's "Big Four" banks gained between 0.7% and 1.1%.

But Australian-listed shares of British lender CYBG Plc CYB.AX slumped 20.3%, making it the top decliner on the benchmark index, after the company said it expected to increase provisions for legacy payment protection insurance costs. mining sector .AXMM closed marginally higher as gains were capped by a 0.7% fall in shares of BHP Group BHP.AX , the mining sub-index's largest constituent and the country's biggest firm by market value, as it traded ex-dividend.

Amid an overall improvement is risk appetite, gold miners .AXGD lost their sheen due to the reduced safe-haven demand for the precious metal.

Top gold miners Newcrest Mining NCM.AX and St Barbara SBM.AX shed 0.7% and 2.2%, respectively.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 advanced 0.9% to finish at 11,106.67.

Electricity retailer Meridian Energy MEL.NZ and Vital Healthcare Property Trust VHP.NZ were the top performers on the benchmark, strengthening 3% each.

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.