Nov 23 (Reuters) - Australian shares ended higher on
Tuesday, buoyed by gains in the mining and energy sectors, a day
after BHP Group and Woodside Petroleum gave
the final sign-off on their $12 billion Scarborough LNG project.
The S&P/ASX 200 rose 0.78% to close at 7,410.6,
marking its best session since Nov. 12, after a 0.59% fall in
the previous session.
The mining index climbed 2.5%, boosted by BHP's
4% jump after the mining giant and Woodside
late on Monday gave their final go-ahead to develop the
Scarborough gas field and inked an agreement to merge BHP's
petroleum assets into Woodside.
A sharp rise in the price of iron ore also supported the
sector. Iron ore miner Fortescue climbed 9.8%, its
biggest single-day gain in almost a year. Rio Tinto
"The iron ore strength helps, with the BHP-Woodside
(merger), more details on that merger also helped and we are
seeing a little bit of a bounce back in the banks, of course,
which has helped as well," said Henry Jennings, senior analyst
and portfolio manager at Marcustoday Financial Newsletter.
Woodside led the way for energy stocks as it rose
3.5% to record its best session in almost a month. The sub-index
Smaller rivals Santos and Oil Search also
rose 2.1% and 1.5%, respectively.
Tracking overnight Wall Street losses, tech stocks,
plunged 3.5% in their worst session in more than six months.
Jennings attributed Afterpay's 5.4% fall to Square
Inc's 6.1% drop overnight, adding that since Afterpay was
almost a derivative of Square, the two often moved in tandem.
Xero and Wisetech Global also dropped 3.5%
and 5.6%, respectively.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50
rose 0.64% to end at 12,688.53.
(Reporting by Harshita Swaminathan; Editing by Rashmi Aich)