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Australia shares rise as easing Omicron fears support commodities

12/12/2021 | 07:50pm EDT

Dec 13 (Reuters) - Australian shares rose on Monday, helped by energy and mining stocks, as commodity prices strengthened amid easing concerns about the impact of the Omicron coronavirus variant on global economic growth.

The S&P/ASX 200 climbed 0.5% to 7,388 by 1237 GMT, rebounding from a 0.4% drop on Friday.

Energy stocks climbed 1.6%, tracking a near 1% jump in oil prices in early Asian trading. Beach Energy and Woodside Petroleum added 1.8% and 1.7%, respectively, to lead gains on the sub-index.

Coal-seam gas producer Senex Energy gained nearly 3% after it agreed to be acquired by South Korea's POSCO International in a A$852.1 million deal.

Mining stocks benefited from upbeat growth sentiment as they rose 1.4%. Global miners Rio Tinto, BHP and Fortescue gained between 1.1% and 2.3%.

Property investor Charter Hall advanced 4.7% and was among the biggest gainers on the benchmark after it hiked its annual earnings guidance for the second time in two months.

Broader sentiment was also supported by a strong finish on Wall Street on Friday, after data showed U.S. consumer inflation, which hit a more than 39-year peak, was still in line with market consensus.

Markets have been bracing for quicker-than-expected interest rate hike from the Federal Reserve if inflation continues to heat up.

In New Zealand, the benchmark bourse fell 0.2% to 12,834.88. Pushpay Holdings and Serko gave up about 2% each to lead losses on the index. (Reporting by Tejaswi Marthi in Bengaluru; Editing by Subhranshu Sahu)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BEACH ENERGY LIMITED 0.93% 1.635 Delayed Quote.28.57%
BHP GROUP LIMITED -0.06% 47.8 Delayed Quote.15.25%
CHARTER HALL GROUP 1.67% 13.37 Delayed Quote.-36.10%
FORTESCUE METALS GROUP LIMITED 0.29% 20.77 Delayed Quote.7.81%
LONDON BRENT OIL 0.44% 113.41 Delayed Quote.44.68%
POSCO INTERNATIONAL CORPORATION -1.29% 22900 End-of-day quote.2.00%
PUSHPAY HOLDINGS LIMITED 3.33% 1.24 End-of-day quote.-6.06%
RIO TINTO PLC -0.50% 5532 Delayed Quote.13.70%
S&P 500 -2.17% 3887.02 Real-time Quote.-16.63%
S&P/ASX 200 -0.28% 7128.8 Real-time Quote.-3.97%
SERKO LIMITED 0.49% 4.07 End-of-day quote.-41.86%
WOODSIDE ENERGY GROUP LTD 0.28% 28.99 Delayed Quote.31.83%
WTI 0.27% 110.168 Delayed Quote.46.38%
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