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Australia shares rise on upbeat results; gold miners, banks shine

08/11/2021 | 09:14pm EDT

Aug 12 (Reuters) - Australian shares rose on Thursday, buoyed by robust earnings by blue-chip companies, while sharp jumps in banking and gold mining stocks also added to the gains.

The S&P/ASX 200 index rose 0.19% to 7,598.5 by 0046 GMT. The benchmark settled 0.3% higher at 7,584.6.

Gold stocks rose 1.26% as the precious metal jumped overnight after tame U.S. consumer price data eased fears that the Federal Reserve would taper its economic support sooner than expected.

Gold miners Auteco Minerals Ltd and De Grey Mining Ltd led gains, climbing 4.49% and 3.32%, respectively.

Bulk grain handler Graincorp was the top gainer on the local bourse, surging 13.4% after it upgraded its earnings forecasts for the year for the second time since May.

Among financial stocks, QBE Insurance Group Ltd led gains, up 6.74%, followed by Insurance Australia Group Ltd, gaining 4.28%, pushing the sub-index 0.56% higher.

National Australia Bank Ltd, the country's No. 3 lender, climbed as much as 1.2%, after it posted a 10.3% jump in its third-quarter cash profit, as it was able to move funds set aside for potential COVID-19 losses back into profit.

The nation's biggest telco Telstra jumped as much as 2.6%, after announcing a A$1.35 billion ($994.68 million) share buyback following a rise in its annual profit.

Australian wealth manager AMP Ltd climbed as much as 2.8% after posting a 57% rise in underlying profit for the year, even as the company decided to hold back interim dividend payment.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index fell 0.09% to 12,737.

Elsewhere, Japan's Nikkei was up 0.47% at 28201.76, while S&P 500 E-minis futures were down 0.02%.

($1 = 1.3572 Australian dollars) (Reporting by Riya Sharma in Bengaluru; Editing by Rashmi Aich)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED -1.78% 1.105 End-of-day quote.-29.17%
AUTECO MINERALS LIMITED -2.38% 0.082 End-of-day quote.-17.17%
DE GREY MINING LIMITED -4.35% 1.21 End-of-day quote.19.21%
GRAINCORP LIMITED -0.78% 6.36 End-of-day quote.51.79%
INSURANCE AUSTRALIA GROUP LIMITED -0.41% 4.88 End-of-day quote.3.83%
NATIONAL AUSTRALIA BANK LIMITED -0.49% 28.65 End-of-day quote.26.77%
QBE INSURANCE GROUP LIMITED -1.45% 11.57 End-of-day quote.35.64%
S&P/ASX 200 -0.08% 7374.9 Real-time Quote.12.05%
TELSTRA CORPORATION LIMITED -1.03% 3.83 End-of-day quote.28.52%
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