September 11, 2018 / 2:11 AM / 7 months ago

Australian shares rise on banks, energy rally; NZ rises over 1 pct

* Aussie shares on track to snap 8 consecutive sessions of losses

* Banks and energy stocks lead rally

* Health care stocks drag the most

* a2 Milk leads gains in NZ

By Aditya Soni

Sept 11 (Reuters) - Australian shares rose on Tuesday as investors found value in beaten-down banks and as energy stocks jumped on higher oil prices.

The S&P/ASX 200 index rose 0.4 percent, or 27.1 points, to 6,168.8 by 0200 GMT. The benchmark, which dipped 2.1 points on Monday, was on track to snap eight sessions of consecutive losses.

“It’s probably just bargain hunting...and the leads from the U.S. were mostly positive,” said Christopher Conway, Head of research and trading at the Australian Stock Report.

Financials, which account for nearly half of the Aussie benchmark, were up 0.5 percent after shedding about 3.5 percent in the past eight sessions.

Top lender Commonwealth Bank of Australia rose 1.2 percent to a more than one-week high, while investment bank Macquarie Group Ltd firmed 1 percent.

Macquarie said on Tuesday it expects group’s fiscal year 2019 result to be broadly in line with fiscal 2018.

Investors’ appetite for energy stocks was bolstered by an overnight jump in global benchmark Brent crude, pushing the energy index 1.6 percent higher, its biggest intraday percentage gain since July 27.

Whitehaven Coal Ltd jumped 5.6 percent to a near four-week high and was among the top gains on the benchmark, while Origin Energy Ltd firmed 4.1 percent to its highest since August 30.

However, health care stocks fell after leading gains in the previous session, putting a lid on the benchmark’s rise.

“They had run so hard, that sort of growth is not sustainable, hence they’ve had a bit of a pull-back recently,” said Conway.

Drugmaker CSL Ltd, the country’s fifth biggest company by market value, fell 1.5 percent to a near four-week low, while Australian shares of California-based Resmed slipped 0.5 percent.

Earlier in the day, medical device maker Fisher & Paykel Healthcare said it had filed a patent infringement complaint against Resmed, alleging it infringed five of its patents related to sleep apnea devices.

New Zealand’s benchmark S&P/NZX 50 index rose 1.2 percent, or 104.69 points, to 9,152.91.

Consumer stocks drove the gains, with dairy firm a2 Milk Company Ltd jumping as much as 5.4 percent, its biggest intraday percentage gain in nearly three-weeks.

Teleco Spark New Zealand Ltd also supported the benchmark’s rise, as it jumped 2.9 percent, seeing its best session since July 3.

Shares of Fisher & Paykel Healthcare rose 1 percent. (Reporting by Aditya Soni in Bengaluru; Additional reporting by Ambar Warrick; Editing by Kim Coghill)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below