Australian Shares Snap Two Sessions of Declines, Up 1%

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Australian Shares Snap Two Sessions of Declines, Up 1%
Credit: © Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 69.60 points or 0.96% to 7,330.80 during the first hour of Thursday’s trade, snapping two session of consecutive declines as investors bought up materials and energy stocks amid continued inflation pressures.

ASX 200 Futures were pointing 0.5% higher.

Among stocks, Materials lifted 2.6%, with Rio Tinto Ltd (ASX: RIO ) up 2.5%, BHP Billiton Ltd (ASX: BHP ) adding 3.2%, Pilbara Minerals Ltd (ASX: PLS ) adding 3.1% and Arizona Lithium Ltd (ASX: AZL ) up 2.8%. Fortescue Metals Group Ltd (ASX: FMG ) lifted 3.4% as the company raised its iron ore export target after a strong three months put it on track for its third consecutive year of record exports.

Meantime, Silver Lake Resources Ltd (ASX: SLR ) fell 11.5% after withdrawing its full-year guidance amid staffing pressures and a pessimistic outlook for the fourth fiscal quarter.

Energy also gained 2% collectively, with Woodside Petroleum Ltd (ASX: WPL ) up 1.8%, Santos Ltd (ASX: STO ) adding 1.4%, Beach Energy Ltd (ASX: BPT ) up 0.8% and Viva Energy Group Ltd (ASX: VEA ) adding 2.3%.

Information Technology lifted 0.2% as Block Inc (ASX: SQ2 ) added 1.4%, Brainchip Holdings Ltd (ASX: BRN ) rose 1.4% and Codan Ltd (ASX: CDA ) gained 2.7%. Zip Co Ltd (ASX: ZIP ) also lifted 3.5%.

Financials were up 0.5% as Macquarie Group Ltd (ASX: MQG ) added 0.6%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lifted 0.6%, National Australia Bank Ltd (ASX: NAB ) gained 0.5% and Westpac Banking Corp (ASX: WBC ) increased 0.8%.

Shares in AMP Ltd (ASX: AMP ) jumped 9.5% following news that it had offloaded the international infrastructure unit of Collimate Capital for $462 million.

On the bond markets, Australia 10-Year rates were at 3.093%, while United States 10-Year yields eased to 2.826%.

In New Zealand, the NZX 50 added 0.4% to 11,773.

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