Australian Shares Rise for Third Session

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Australian Shares Rise for Third Session
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added gaining 39.10 points or 0.53% to 7,467.10, extending gains for the third consecutive session as market participants digested earnings reports both locally and abroad, amid raft of central bank policy meetings, with the Bank of England surprising some analysts by leaving its benchmark rate at a record low.

ASX 200 Futures were 29 points or 0.39% higher.

Mining giants gained, with Rio Tinto Ltd (ASX: RIO ), BHP Billiton Ltd (ASX: BHP ), Fortescue Metals Group Ltd (ASX: FMG ) adding 1.18%, 0.65% and 0.78% respectively. Energy companies were mixed as Oil prices sank after a report that Saudi Arabia's oil output would soon pass 10 million barrels per day for the first time since the outset of the COVID-19 pandemic. Santos Ltd (ASX: STO ) added 0.44% while Woodside Petroleum Ltd (ASX: WPL ) dipped 1.65%, and Beach Energy Ltd (ASX: BPT ) added 2.33%. Meantime, Rea Group Ltd (ASX: REA ) also lifted 6.44% after reporting better-than-expected financial results , while News Corp (ASX: NWS ) added 9.43% after extending its recent string of profitable quarters.

The Australian dollar fell to a three-week low of 74 US cents, falling sharply against the Greenback since Tuesday when the RBA revised its rate guidance, hinting it could lift Australia's cash rate in 2023. Long term yields are also steady, with Australia 10-Year at 1.809% while United States 10-Year was at 1.551%.

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