Alexa
  • Directory of Taiwan

Australian shares rise modestly to new record, led by BHP, Rio Tinto

Australian shares rise modestly to new record, led by BHP, Rio Tinto

Australian stocks rose modestly to reach a fresh record high, led by gains in mining shares, ahead of a long weekend and the corporate earnings season.
The benchmark S&P/ASX 200 index closed 1.1 points, or less than 0.1 percent, higher at 5,769.9.
"There was a strong start to the day, but the market ran into resistance at about the 5,800 mark," said David Halliday, client adviser at Macquarie Equities in Sydney. "There is a lot of froth and bubble in the market and people were keen to lock in profits ahead of the long weekend."
"It's almost inevitable the market will test these highs in the earnings season next month," he said. "If companies were going to have lower-than-expected earnings, they would have been announced by now."
Most companies should meet market expectations, which "will further encourage enthusiasm for the market," Halliday said.
BHP gained 0.7 percent after copper futures rose on concerns about tight supply after leading Chinese producer Jiangxi warned its stocks were low. Rio Tinto was up 1.9 percent, but Newcrest Mining shed 11.1 percent after it downgraded its Telfer mine reserve and production forecasts.


Updated : 2021-05-07 10:08 GMT+08:00