January 4 () – Australian stocks rose on Tuesday as energy and mining stocks rallied as investors sought advice from a strong night session on Wall Street and set aside concerns about an increase in COVID-19 infections and hospitalizations in the country.
The S&P / ASX 200 index rose 0.9% to 7,510 with 2338 GMT, based on nearly 2% growth over the past two weeks.
Major indexes on Wall Street recorded record closures on the first trading day of the year, driven by growth in Tesla Inc. and banks.
This helped investors set a record for more than 37,000 new cases across the country on Monday, with the Australian government hoping for a slight impact of the Omicron option to support its plan to reopen the economy.
Energy stocks rose 2.7% on the Australian stock exchange, the biggest one-day gain since Nov. 23. They tracked rising oil prices overnight, hoping demand would recover in 2022.
Major oil and gas researcher Santos added more than 2%, while Whitehaven Coal grew 9.2% – the largest daily gain since July 16, 2021.
The miners grew 1.4% and hit a three-month high. Lynas Rare Earths and Vulcan Energy Resources grew 6.4% and 5.8%, respectively.
Financial performance also rose, thanks to earnings from banks in the so-called “Big Four” – from 0.8% to 1.1%.
Firefinch Ltd, which is not part of the ASX 200, rose 2.9% after approving the final investment decision for the Goulamina Lithium project in Mali, hitting an 11-year high.
Gold analysts were among the few losers, falling 0.6% due to a drop in the price of gold bullion. Westgold Resources reported its highest loss on the sub-index at 3.2%.
The New Zealand stock market closes on Tuesday on the occasion of the holiday.
Harish Sridharan’s interview in Bangalore; Edited by Uttaresh.V