Australian shares push higher on miners

Published: October 25, 2017 11:45:32 | Updated: October 25, 2017 15:40:13


File Photo (Reuters)

Australian shares pushed higher on Wednesday, led by miners, which rallied on robust metal prices, though a retreat of banking stocks’ early gains and a slide in conglomerate Wesfarmers Ltd capped gains.

The S&P/ASX 200 index rose 11.99 points, or 0.2 per cent, to 5,909.6 at 0042 GMT, steaming into its 10th session of gains out of 11. The benchmark rose 0.1 per cent on Tuesday, reports Reuters.

Global miner BHP Billiton, which also has a large exposure to oil, rose as much as 1.5 per cent, while aluminium producer South32 Ltd climbed 3.2 per cent, both stocks touching one-week highs.

Brent oil rose 1.0 per cent on Tuesday after top exporter Saudi Arabia said it was determined to end a supply glut, while aluminum prices closed up 0.8 per cent.

Australian financials pared early gains but remained mostly in positive territory. The “Big Four” banks rose in the range of 0.6 per cent to 1.1 per cent, before retreating to trade largely flat.

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