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Australian Shares Extend Gains at Open

Published 22/07/2021, 10:39 am
Updated 22/07/2021, 10:42 am
© Reuters.

© Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 added 0.64% in early deals on Thursday, extending gains of 0.78% in the previous session and trading at weekly highs as the energy sector surged after a rebound in crude oil prices as second quarter corporate earnings continue to roll in.

On the coronavirus front, Victoria reported 26 local COVID-19 cases, the highest daily figure this year, as the list of exposure sites in New South Wales and South Australia continue to grow, while Queensland further tightened border restrictions.

Among stocks, Orocobre surged 6.03% after reporting an increase in production and rising sales revenue during the June quarter, while Santos Ltd (ASX:STO) gained 3% after targeting $US1.1 billion in free cashflow in FY 2021.

BHP Billiton Ltd (ASX:BHP) added 2.97% after announcing an agreement to supply electric vehicle maker Tesla with nickel from its Nickel West asset in Western Australia.

Local 10-year bond yields held above 5-month lows of 1.217% while US 10-year rates lifted to 1.293%

In New Zealand, the NZX 50 added 18.16 points or 0.14% to 12727.3.

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