Australian Shares Lift, Evolution Mining Surges on Acquisition

  • Stock Market News
Australian Shares Lift, Evolution Mining Surges on Acquisition

By Oliver Gray - The ASX 200 was slightly higher in Thursday’s trade, adding 15.20 points or 0.21% to 7,385.10, snapping 2 sessions of consecutive declines as higher gold and  Iron ore prices boosted mining companies, while financial stocks continued to struggle after Commonwealth Bank Of Australia (ASX: CBA ) plunged 8% yesterday following its earnings results .

ASX 200 Futures added 12 points or  0.16%.

Among stocks, Rio Tinto Ltd (ASX: RIO ) added 0.42%, BHP Billiton Ltd (ASX: BHP ) gained 0.61% and Fortescue Metals Group Ltd (ASX: FMG ) added just 0.06% as Iron ore prices lifted overnight. Gold miners also gained with Northern Star Resources Ltd (ASX: NST ) up 1.65%, Newcrest Mining Ltd (ASX: NCM ) adding 0.81% and Chalice Gold Mines Ltd (ASX: CHN ) up 2.94%. Evolution Mining Ltd (ASX: EVN ) also popped 6.73% after announcing an agreement to acquire the Ernest Henry copper-gold mine in Queensland from Glencore (LON: GLEN ) for $A1 billion.

Technology stocks were mixed with Appen Ltd (ASX: APX ) adding 1.17% and Wisetech Global Ltd (ASX: WTC ) lifting 1.02%, while Xero Ltd (ASX: XRO ) dipped 0.17%, Technology One Ltd (ASX: TNE ) fell 1.05% and Afterpay Touch Group Ltd (ASX: APT ) lost 1.53%. Financial names also dragged on the broader market, with National Australia Bank Ltd (ASX: NAB ) losing 0.14%, Westpac Banking Corp (ASX: WBC ) down 0.45% and Commonwealth Bank Of Australia (ASX: CBA ) down 0.48% after losses of 8% in the previous session.

In currency markets, investors remain wary of rising inflation readings across the globe, pushing the US Dollar Index to fresh 16-month highs while the Aussie traded at fresh monthly lows of 0.7267.

On the bond markets Australia 10-Year rates were at 1.813%, while United States 10-Year rates were steady around 1.592%.

In New Zealand, the NZX 50 was down 0.41% to 12789, trading near 3-month lows.

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