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2 months ago
Australia shares set to recover; NZ inches up
July 2, 2017 / 10:15 PM / 2 months ago

Australia shares set to recover; NZ inches up

    July 3 (Reuters) - Australian shares were poised for a
higher open on Monday as stronger commodity prices looked to
charge up resources stocks. 
    Oil rose for a seventh straight session on Friday on a
declining U.S. rig count and stronger demand data from China,
while iron ore prices headed for their biggest gain for the
month of June since 2009.                
    Coking coal prices extended gains on Friday, after soaring
nearly 8 percent the previous day.             
    The local share price index futures          rose 0.4
percent, a 51.5-point discount to the underlying S&P/ASX 200
index         close. The benchmark ended 1.7 percent lower on
Friday.
    Traders in Australia would also be gearing up for their 
central bank's policy meeting on Tuesday, where the bank is seen
to stand pat on its cash rate, according to a Reuters poll of
economists.              
    New Zealand's benchmark S&P/NZX 50 index         inched up
0.1 percent or 8.88 points to 7620.32 in early trade.

 (Reporting by Anusha Ravindranath in Bengaluru; Editing by
Sandra Maler)
  
 
 

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