Australian shares rise as mining stocks rebound on metal prices
Summarised from 2 outlets · Updated 12 Oct, 02:54 · Archive
Australian shares rose 0.68 per cent as rebounding metals prices lifted mining stocks despite global headwinds.
Australian shares started the week higher as rebounding metals prices supercharged mining stocks. The S&P/ASX200 rose 59.6 points by midday, up 0.68 per cent, to 8776.2, while the broader All Ordinaries gained 55.4 points to 8933.1. The move followed Wall Street's strong close despite ongoing concerns around global bond yields and conflict in the Middle East.
Major mining stocks led gains. BHP shares jumped 2.6 per cent to $62.52 per share, while Rio Tinto and Fortescue gained 1.1 and 1.6 per cent respectively. The raw materials sector surged almost two per cent on the back of resurgent copper and precious metals prices. Gold stocks continued to recover from their recent sell-off, with the precious metal trading at US$4206 per ounce.
However, the local energy sector lost 0.9 per cent as easing oil prices weighed on Woodside, Santos, Viva and Ampol. Brent crude eased to US$103.25 a barrel after US President Donald Trump said Russia and Ukraine had agreed to halt strikes on each other's energy infrastructure. The Australian market faces headwinds from high interest rates and softening home prices, whilst global bond yields and crude oil prices remain key risks to broader confidence.
How it is being reported
- Rebounding miners push Australian shares higherDwindling investor confidence and a host of local and global risk factors have confined the S&P/ASX200 to something of a holding pattern for almost a month.Perth Now · 12 Oct, 02:45
- Rebounding miners push Australian shares higherDwindling investor confidence and a host of local and global risk factors have confined the S&P/ASX200 to something of a holding pattern for almost a month.The West Australian · 12 Oct, 02:45
In this story: BHP · Rio Tinto · Fortescue · Donald Trump · Australia
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