Australian Shares Add 0.8% as Energy Gains, Tech Rebounds

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Australian Shares Add 0.8% as Energy Gains, Tech Rebounds
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 54.7 points or 0.78% to 7,035 in Wednesday’s midday deals, snapping 3 sessions of consecutive declines as the ongoing Russian invasion of Ukraine boosted local oil and mining companies, while RBA Governor Philip Lowe said that economic conditions were still not right for the official cash rate to lift from its record low 0.1%.

ASX 200 Futures were pointing 0.86% higher.

Among stocks, Energy companies lifted 1.2% overall, with Woodside Petroleum Ltd (ASX: WPL ) adding 2.09%, Santos Ltd (ASX: STO ) up 0.25%, Beach Energy Ltd (ASX: BPT ) adding 1.47% and Viva Energy Group Ltd (ASX: VEA ) up 0.43%.

Materials were up 0.11% as BHP Billiton Ltd (ASX: BHP ) and Fortescue Metals Group Ltd (ASX: FMG ) gained 0.29% and 0.16% respectively while Rio Tinto Ltd (ASX: RIO ) dipped 0.53%.

Nickel Mines Ltd (ASX: NIC ) was down 22.71% before the company paused trading pending an announcement, despite Nickel Futures surging to record highs.

Gold miners gained as the precious metal hovers near record high valuations. Gold Road Resources Ltd (ASX: GOR ) added 5.21%, Newcrest Mining Ltd (ASX: NCM ) gained 0.79%, Northern Star Resources Ltd (ASX: NST ) added 0.83%, Perseus Mining Ltd (ASX: PRU ) lifted 2.4% and Chalice Gold Mines Ltd (ASX: CHN ) gained 7.46%.

Technology companies rebounded 2.55% collectively, with Appen Ltd (ASX: APX ) adding 0.15%, Megaport Ltd (ASX: MP1 ) up 2.15%, Novonix Ltd (ASX: NVX ) lifting 5.31%, Computershare Ltd. (ASX: CPU ) up 1.12% and Wisetech Global Ltd (ASX: WTC ) adding 3.97% while Link Administration Holdings Ltd (ASX: LNK ), Brainchip Holdings Ltd (ASX: BRN ) and Altium Ltd (ASX: ALU ) fell 0.4%, 1.46% and 1.14% respectively.

Financials were about 1.2% higher with Macquarie Group Ltd (ASX: MQG ) up 0.84%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) adding 1.01%, National Australia Bank Ltd (ASX: NAB ) lifting 0.97%, Westpac Banking Corp (ASX: WBC ) up 1.06% and Commonwealth Bank Of Australia (ASX: CBA ) gaining 1.19%.

On the bond markets, benchmark Australia 10-Year yields were at 1.84%, while United States 10-Year rates were at 1.856%.

In New Zealand, the NZX 50 was up, adding 0.2% to 11,766.7.

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