Australia shares edge up on miners rally; NZ slips

By: |
Reuters | Published: March 15, 2017 12:28:12 PM

Australian shares closed up slightly on Wednesday, recovering from losses earlier in the session after a late rally in mining stocks.

 

australian shares, australia shares, asx, asx newsThe financials index edged up 0.2 percent as investors kept an eye on the U.S. Federal Reserve, which is expected to announce a hike in interest rates later on Wednesday. (Reuters)

Australian shares closed up slightly on Wednesday, recovering from losses earlier in the session after a late rally in mining stocks. The S&P/ASX 200 index ended the session up 0.3 percent, or 14.86 points, at 5,774. The mining index rose 1 percent for a third straight day of gains, led by BHP Billiton Ltd and Fortescue Metals Group Ltd, which rose 1.5 percent and 5.7 percent, respectively. Iron ore futures in China surged more than 5 percent, after steel prices rose to a three-year high on hopes for strong demand. Real estate stocks also ended higher with GPT Group gaining 3.1 percent and Viva Energy Reit Ltd closing 5 percent higher.

Dairy company Bega Cheese Ltd climbed 4.5 percent, hitting a 20-week closing high.

The financials index edged up 0.2 percent as investors kept an eye on the U.S. Federal Reserve, which is expected to announce a hike in interest rates later on Wednesday.

You May Also Want To Watch:

Five companies in the S&P/ASX 200 index posted 52-week highs, while three fell to one-year lows.

New Zealand’s benchmark S&P/NZX 50 index fell 0.6 percent, or 45.79 points, to finish the session at 7,131.3 points.

Materials, industrials and consumer discretionary stocks were the biggest drag on the index.

Building material supplier Fletcher Building Ltd fell 2.1 percent to hit an eight-month closing low.

New Zealand Refining Company Ltd was the biggest loser on the index, sliding 4.6 percent to a four-month low.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.