Australian Shares Snap 2 Sessions of Loss as Miners Recover

  • Stock Market News
Australian Shares Snap 2 Sessions of Loss as Miners Recover
Credit: © Reuters.

By Oliver Gray - The ASX 200 added 73.80 points or 1.03% to 7270.50 in early deals on Thursday, snapping 2 sessions of consecutive losses as higher Iron ore prices boosted mining stocks.

In coronavirus news, Victoria reported a record 1438 locally acquired cases on Thursday. New South Wales tallied 941 cases, as health authorities extended lockdown orders for several areas in regional NSW until 11 October. Meantime, Queensland has reintroduced restrictions for six local government areas from 4pm today after reporting 6 locally acquired cases.

Among stocks, mining heavyweights rebounded, with Rio Tinto Ltd (ASX: RIO ) up 1.58%, BHP Billiton Ltd (ASX: BHP ) lifting 0.74% Fortescue Metals Group Ltd (ASX: FMG ) up 0.54%. Commonwealth Bank Of Australia (ASX: CBA ) added 1.26%, while Macquarie Group Ltd (ASX: MQG ) gained 1.22%. Meantime, buy now, pay later operator Zip Co Ltd (ASX: Z1P ) lifted 2.58% after announcing an agreement with technology giant Microsoft (NASDAQ: MSFT ) to integrate its payment technology into Microsoft Edge to facilitate online shopping, with expectations of a launch as soon as November.

ASX 200 Futures were 54.5 points or 0.76% higher.

On the bond markets, Australia 10-Year yields were at 1.467% while United States 10-Year rates eased to 1.51%.

In New Zealand, the NZX 50 added 115.89 points or 0.88% to 13237.58.

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