Australian Shares Higher at Midday, Oil Jumps on Ukraine Conflict

  • Stock Market News
Australian Shares Higher at Midday, Oil Jumps on Ukraine Conflict
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 was up 17.80 points or 0.25% to 7,235.10 during Monday’s mid-day deals, recovering from a negative start and following gains of 1.4% in the previous week as market participants monitored a slew of local company updates, while risk sentiment was dampened as fears of an imminent Russian invasion of Ukraine mounted over the weekend.

ASX 200 Futures were pointing 0.66% higher.

Among stocks, Energy companies have posted the largest gains, up 2.8% as crude oil lifted above $94 amid escalating fears of an invasion of Ukraine by Russia, a top energy producer. Woodside Petroleum Ltd (ASX: WPL ) added 2.91%, Santos Ltd (ASX: STO ) gained 3.92%, Beach Energy Ltd (ASX: BPT ) lifted 4.77% and Viva Energy Group Ltd (ASX: VEA ) gained 1.65%.

Mining companies were mixed as Rio Tinto Ltd (ASX: RIO ) gained 1.08%, BHP Billiton Ltd (ASX: BHP ) fell 0.92%, Fortescue Metals Group Ltd (ASX: FMG ) lost 1.8%, Champion Iron Ltd (ASX: CIA ) added 1.28%, Pilbara Minerals Ltd (ASX: PLS ) shed 5.2% and Arizona Lithium Ltd (ASX: AZL ) tumbled 8.39%.

However, gold miners surged as the safe-haven precious metal lifted. St Barbara Ltd (ASX: SBM ) gained 8.39%, Gold Road Resources Ltd (ASX: GOR ) added 5.84%, Newcrest Mining Ltd (ASX: NCM ) added 4.75%, Northern Star Resources Ltd (ASX: NST ) lifted 7.53%, Evolution Mining Ltd (ASX: EVN ) climbed 8.72% and Perseus Mining Ltd (ASX: PRU ) lifted 4.33%.

Financials lifted about 1% overall, with Macquarie Group Ltd (ASX: MQG ) up 0.56%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) adding 0.75%, National Australia Bank Ltd (ASX: NAB ) up 1.44%, Westpac Banking Corp (ASX: WBC ) climbing 2.99% after completing an A$3.5 billion off-market share buy-back and Commonwealth Bank Of Australia (ASX: CBA ) up 1%.

On the bond markets, Australia 10-Year rates held around 35-month highs of 2.111%, while United States 10-Year yields eased from last week's 31-month highs to 1.915%.

In New Zealand, the nz50 lost 1.21% to 12,027.

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