5 years ago

Australian shares rise on US tax reform hope

File Photo (Collected)
File Photo (Collected)

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Australian shares were on course to snap a two-day losing streak on Monday, making broad-based gains on firmer commodity prices and optimism around US tax reform.

Top US Republicans said on Sunday they expected Congress to pass a tax code overhaul this week, with a Senate vote as early as Tuesday and President Donald Trump aiming to sign the bill by week’s end.

The S&P/ASX 200 index was up 0.6 per cent, or 38.6 points, to 6,035.6 by 0051 GMT. The benchmark slipped 0.2 per cent on Friday.

Mining heavyweight BHP Billiton’s shares rose as much as 1.9 per cent to their highest in more than a month tracking strong copper and coal prices.

Copper prices scaled three-week highs on Friday after the New York open and as expectations of strong demand in top consumer China were reinforced by data showing firm industrial activity.

Mining peer Rio Tinto also gained and was trading about 0.8 per cent higher.

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