Australian Shares Move Higher in Early Deals

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Australian Shares Move Higher in Early Deals
Credit: © Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 moved 0.27% higher to 7389.6 on Friday, slightly recouping losses of 1.9% in the previous session as heavyweight miners recovered while market participants remain anxious over the economic hit caused by the persistent spread of the coronavirus Delta variant. 

New South Wales tallied a fresh record high of 1542 cases today as Premier Gladys Berejiklian noted that case numbers are set to peak in the next week, while hospitalisation and intensive care needs are expected to peak in October. Meantime, Victoria reported a fresh record high of 334 cases after health authorities eased lockdown restrictions for regional Victoria yesterday.

Among stocks, mining heavyweights recovered following significant losses in the previous session, with Rio Tinto Ltd (ASX: RIO ), BHP Billiton Ltd (ASX: BHP ) and Fortescue Metals Group Ltd (ASX: FMG ) adding 0.75%, 0.73% and 1.66% respectively. Meantime, major oil producers Santos Ltd (ASX: STO )and Oil Search Ltd (ASX: OSH ) have finalised the terms of their proposed merger, creating a business worth A$21 billion.

On the bond markets, local 10-year bond yields were at weekly lows of 1.227% while US 10-year rates were at 1.3%.

In New Zealand, the NZX 50 added 14.85 points or 0.11% to 13110.62.

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