Australian Shares Snap 2 Session of Loss as Miners and Financials Gain

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Australian Shares Snap 2 Session of Loss as Miners and Financials Gain
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 was 40.40 points or 0.55% higher at 7,393.50 on Tuesday, snapping two sessions of consecutive declines with rebounding iron ore prices providing a boost for heavyweight mining stocks as traders cheered a marginal improvement in consumption of industrial metals in China, while higher long term bond yields hit technology stocks.

ASX 200 Futures were 54 points or 0.74% higher.

Among stocks, Rio Tinto Ltd (ASX: RIO ) added 3.03%, Fortescue Metals Group Ltd (ASX: FMG ) lifted 6.08% while BHP Billiton Ltd (ASX: BHP ) gained 3.65% following news that Woodside Petroleum Ltd (ASX: WPL ) finalised its $A40 billion deal to absorb BHP’s petroleum assets via an all stock merger. Other energy stocks also fared well as Oil prices lifted, with Santos Ltd (ASX: STO ) up 2.42% Oil Search Ltd (ASX: OSH ) up 1.45%, Woodside Petroleum Ltd (ASX: WPL ) lifting 3.18% and Beach Energy Ltd (ASX: BPT ) gaining 1.67%.

Financial names also lifted on higher longer term bond yields, with Australia and New Zealand Banking Group Ltd (ASX: ANZ ) up 1.05%, Commonwealth Bank Of Australia (ASX: CBA ) gaining 0.53%, National Australia Bank Ltd (ASX: NAB ) lifting 0.21% and Westpac Banking Corp (ASX: WBC ) up 0.83%.

On the bond markets, Australia 10-Year rates were at 1.891% while United States 10-Year yields were at 1.632%.

Among currencies, the Aussie was trading near fresh 7-week lows of 0.72288, while the DXY extended 16-month highs to 96.502.

In New Zealand, the NZX 50 gained 0.4% to 12658.

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