Australian, NZ shares push higher as global growth worries ease
* Miners, energy stocks, financials lead gains
* Fortescue hits over 10-year high
* NZ shares hit record high
By Aby Jose Koilparambil
April 2 (Reuters) - Australian shares tracked Wall Street
gains on Tuesday, with commodity-based firms and financials
leading the rally, as easing concerns about global growth lifted
investor sentiment for a second consecutive session.
The S&P/ASX 200 index rose 0.7 percent to 6,262.80,
a more than three-week high, by 0012 GMT. The benchmark had
gained 0.6 percent in the previous session.
Wall Street rallied on Monday as upbeat factory activity
data in China and United States coupled with progress in trade
talks between the world's top two economies cheered investors.
"China data was significant as it showed one of the
important growth engines is still working. The U.S. markets have
taken the positives out of a mixed data and Asian markets would
be stronger across the board today," said Damian Rooney,
director of equity sales at Argonaut.
China's iron ore futures hit a 7-week-high, partly helped by
tight supply concerns. Big players BHP Group Ltd and
Rio Tinto Ltd have flagged a fall in their full year
iron ore production after tropical cyclone Veronica hit
operations in Western Australia.
Iron ore prices are expected to rise further after the
world's largest miner of the commodity Vale SA said
it failed to obtain stability certificates for 13 dams under
review following the dam mishap in Brazil in
BHP rose as much as 0.9 percent to a near eight-year high
while Rio Tinto gained 0.6 percent to its highest level since
Fortescue Metals Group rose 4.7 percent to a more
than 10-year peak after the world's fourth largest iron ore
miner earlier said its mining operations were unaffected by the
Oil climbed about 2 percent to new 2019 highs on Monday.
Oil services firm WorleyParsons Ltd put on 2.8 percent
while gas producer Oil Search Ltd gained 1.8 percent.
The Big Four banks gained in the range between 0.7 percent
and 1.2 percent.
Gold stocks dropped up to 1.4 percent as the higher
risk appetite dented the appeal of the safe-haven metal.
Investors await the Reserve Bank of Australia's policy
meeting announcement later in the day and will be looking for
signals for an rate cut this year. Also later on Tuesday,
Australia's government presents its last annual budget ahead of
the federal elections in May.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50
index tacked on 0.6 percent, or 56.46 points, to a
record high of 9,910.37 with dairy firms Fonterra and
a2 Milk Co Ltd gaining more than 2 percent each.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
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