Australian shares edge up

Reuters | Published: August 22, 2017 05:05:43 | Updated: October 21, 2017 21:26:24


Australian shares edged up on Tuesday thanks to some encouraging results including for BHP Billiton, whose stock jumped after the global miner posted robust annual earnings.

 

The S&P/ASX 200 index tacked on 13.95 points, or 0.2 per cent, to 5739.20 by 0217 GMT. The benchmark fell 0.4 per cent on Monday.

 

BHP climbed nearly 2.0 per cent to its highest in almost two weeks after the company reported a five-fold rise in full year underlying profit to $6.7 billion.

 

Major miners Fortescue Metals Group climbed 2.4 per cent to its highest in over four months and Rio Tinto was up 1.2 per cent.

 

Sydney Airport Holdings rose 5.0 per cent to its highest in almost two months after it reported a 7.9 per cent rise in half-year revenue and reaffirmed its five-year capital expenditure guidance

 

Shares of Oil and gas producer Oil Search Ltd gained 4.4 per cent after the company reported a surge in half-year profit

 

Bucking the trend, consumer staples and financial stocks were lower with Australia's retail-to-mining conglomerate Wesfarmers Ltd dropping more than 3.0 per cent.

 

Advertising services provider APN Outdoor Group Ltd fell 6.8 per cent.

 

The financials index was down 0.3 per cent with the "Big Four" banks slipping between 0.2 per cent and 0.7 per cent, according to Reuters.

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