Australia shares track Wall St into positive territory, NZ gains
Reuters
Published Feb 13, 2018 17:06
Australia shares track Wall St into positive territory, NZ gains
* Aussie shares up 0.6 pct
* Materials, financials lead as shares track Wall St
* NZ snaps 5 sessions of losses (Updates to close)
By Chris Thomas
Feb 13 (Reuters) - Australian shares returned to positive territory on Tuesday, drawing confidence from a recovery on Wall Street following a chaotic week for equities.
The S&P/ASX 200 index .AXJO rose 0.6 percent or 35.2 points to 5,855.9 at the close of trade, after a 0.3 percent slip on Monday.
Wall Street's three major indexes rebounded on Monday with broad-based gains after U.S. equities' had biggest weekly drop in two years, but strategists are wary of calling an end to the rout. .N
In Australia, materials were the best performers, led by a 1.2 percent rise in heavyweight BHP Billiton (LON:BLT) BHP.AX . Rival miner Rio Tinto (LON:RIO) RIO.AX gained 1.1 percent to settle at a two-week best.
Copper prices climbed for a second day on a weaker dollar and a bounce-back in global equities, while China iron ore and steel futures crept higher ahead of the week-long Lunar New Year break. MET/L IRONORE/
Top banks in the region posted limited gains amid a government-backed inquiry into Australia's finance sector that began on Monday. inquiry said it will start a year-long investigation by scrutinising the selling tactics for banks' most lucrative products - mortgages.
Investment bank Macquarie Group MQG.AX was among the top contributors to the index, up 1.1 percent. Danish telecoms company TDC TDC.CO on Monday urged investors to back a $6.7 billion cash offer from Macquarie and three Danish pension funds. major CSL Ltd CSL.AX rose 1.3 percent.
Retail property manager Scentre Group SCG.AX capped the gains on the index with a 2.1 percent drop, settling at its weakest since early October.
New Zealand's benchmark S&P/NZX 50 index .NZ50 broke a five-session run of losses, rising 0.8 percent or 63.16 points to finish the session at 8,122.22.
Dairy and healthcare stocks boosted the index, with a2 Milk ATM.NZ climbing 3.1 percent and Fisher & Paykel Healthcare Corporation Ltd FPH.NZ up 1.6 percent.
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Written By: Reuters
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