5 years ago

Australian shares rise to two-week high

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Australian shares rose to a near two-week high on Tuesday, supported by materials stocks on the back of higher commodity prices, while financials extended gains into their fifth consecutive session.

The S&P/ASX 200 index tacked on 0.15 per cent to 6,007.3 by 0033 GMT. The benchmark added 0.1 per cent on Monday.

Chinese steel futures rebounded after a three-day drop as output cuts in the world’s top producer deepened, while copper prices rose on a weaker dollar and prospects of higher demand.

Global miners BHP Billiton and Rio Tinto benefited, rising 1.7 per cent and 1.6 per cent, respectively, and making the biggest contributions to the metals and mining index, reports Reuters.

Energy stocks followed oil prices higher, with the energy index touching a one-week high. Oil prices rose on Monday after a North Sea pipeline shut for repairs.

Oil and gas explorer Woodside Petroleum rose about 1.0 per cent to a near one-month high.

Across the Tasman, the New Zealand market was slightly weaker, with healthcare stocks the biggest drag on the benchmark index.

The benchmark S&P/NZX 50 index fell 0.2 per cent or 13.93 points to 8,263.4.

Ryman Healthcare was among the biggest losers, down 0.5 per cent.

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