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Australian Shares Up 0.6% as Energy, Materials Lift

Published 04/05/2022, 11:02 am
Updated 04/05/2022, 11:05 am
© Reuters.
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By Oliver Gray 

Investing.com - The S&P/ASX 200 added 20.20 points or 0.28% to 7,336.40 after the first hour of trade on Wednesday, retracing losses of 0.4% in the previous session as sentiment was buoyed by strong trading updates from local companies, while higher yields and crude oil prices boosted the material and energy sectors.

ASX 200 Futures were pointing 0.2% lower.

Among stocks, Energy was up 1.6% collectively as Woodside Petroleum Ltd (ASX:WPL) gained 1.8%, Santos Ltd (ASX:STO) added 1.4%, Beach Energy Ltd (ASX:BPT) lifted 2.2% and Viva Energy Group Ltd (ASX:VEA) gained 1.3%.

Financials gained 0.1%, with Australia and New Zealand Banking Group Ltd (ASX:ANZ) up 0.05% after cash profits for the first half beat expectations. Macquarie Group Ltd (ASX:MQG) lifted 1%, while National Australia Bank Ltd (ASX:NAB) gained 0.8%, Westpac Banking Corp (ASX:WBC) lifted 0.5% and Commonwealth Bank Of Australia (ASX:CBA) gained 0.5%.

Materials were up 0.6% overall, with Rio Tinto Ltd (ASX:RIO) adding 0.7%, BHP Billiton Ltd (ASX:BHP) up 0.7%, Fortescue Metals Group Ltd (ASX:FMG) gaining 0.2%, Champion Iron Ltd (ASX:CIA) lifting 2.4% and Lake Resources NL (ASX:LKE) up 0.3%. Avz Minerals Ltd (ASX:AVZ) also surged 5.1% after announcing that Dathcom Mining, of which the company holds a 75% interest, is set to receive the mining license for the Manono lithium and tin project.

On the bond markets, Australia 10-Year yields lifted to 3.465%, the highest levels since October 2014. Meantime, United States 10-Year rates were at 2.979%.

In New Zealand, the NZX 50 added 0.2% to 11,702.

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