Latest news with #RoshanThomas


Mint
a day ago
- Business
- Mint
Australian shares flat as tech, energy offset losses in miners, gold stocks
July 24 (Reuters) - Australian shares were little changed on Thursday, as gains in tech and energy stocks offset losses in gold and mining counters, while Fortescue jumped on record quarterly shipments and Macquarie fell after posting a drop in first-quarter profit. The S&P/ASX 200 index was flat at 8,735.90 points as of 0028 GMT, after rising 0.7% on Wednesday. Energy stocks added 0.3%, with Woodside Energy up 1.5%. Oil prices advanced on hopes that progress in talks between the U.S. and its key trade partners ahead of the August 1 deadline would ease pressure on the global economy, while a drop in U.S. crude stocks last week signalled solid demand. Technology stocks rose 0.5%, mirroring gains in overseas peers. ASX-listed shares of Xero grew 0.3%, while those of NEXTDC rose 0.8%. Bucking the trend, gold stocks shed more than 2.5% to lead the benchmark lower, as bullion prices weakened. Northern Star Resources dropped 3%, while Genesis Minerals lost 1.3%. Financials slid 0.2%, with Macquarie slipping 5% after reporting a first-quarter net profit decline and announcing the departure of Chief Financial Officer Alex Harvey. The top investment bank was the biggest laggard on the sub-index. Miners eased 0.2%, as iron ore prices fell. Rio Tinto dropped 0.4%. In contrast, Fortescue gained more than 5% after fourth-quarter shipments hit the top end of its fiscal 2025 guidance. In company news, Lynas Rare Earths reported fourth-quarter revenue beat. The world's largest producer of rare earth minerals outside China said it had entered into a magnet manufacturing deal with Korea's JS Link. Shares grew more than 4%. Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.2% to 12,823.99. (Reporting by Roshan Thomas in Bengaluru; Editing by Sumana Nandy)


Mint
2 days ago
- Business
- Mint
Australia shares climb as miners, energy stocks rally; Woodside jumps on upbeat results
July 23 (Reuters) - Australian shares rose on Wednesday led by miners and energy stocks, as investors stayed cautious ahead of the looming U.S. tariff deadline, while Woodside Energy climbed over 2% after posting stronger-than-expected second-quarter results. The S&P/ASX 200 index rose 0.4% to 8,708.1 by 0031 GMT. The benchmark ended flat at 8,677.20 points on Tuesday. With an August 1 deadline for sweeping U.S. import tariffs looming, investors await signs of relief, after Washington announced a trade deal with Japan. Australia faces a 10% baseline tariff on most exports to the U.S. Meanwhile, minutes from the Reserve Bank of Australia's July meeting on Tuesday showed a cautious stance in July, with board members deciding to keep the interest rate unchanged against market expectations, opting to wait for more evidence of a sustained slowdown in inflation. Local miners led the charge on the benchmark by rising as much as 2.2%, tracking a rise in iron ore prices. Shares of miners Fortescue were up 2.4%, while BHP and Rio Tinto gained 1.8% and 2.7% respectively. Energy stocks climbed 0.8% due to rising oil prices. Woodside Energy's shares outpaced the broader sub-index, and were up 2.4%. The country's top gas producer reported a stronger-than-expected 8% rise in second-quarter revenue. Gold stocks also rose 2.2%, tracking a surge in bullion prices. Shares of gold miners Northern Star Resources and St Barbara were up 2.6% and 2.4% respectively. Countering gains, the financials sub-index shed 0.2% with shares of National Australia Bank and Commonwealth Bank of Australia down 0.7% each. Information technology sub-index also dropped 0.3%, with Australian-listed shares of Xero down 0.8%. Shares of WiseTech Global fell 0.6%. New Zealand's benchmark S&P/NZX 50 index fell 0.3% to 12,790.74. (Reporting by Roshan Thomas in Bengaluru; Editing by Alan Barona)


Mint
3 days ago
- Business
- Mint
Australian shares rise on mining and gold boost; Insignia jumps on takeover deal
July 22 (Reuters) - Australian shares rose on Tuesday, helped by mining and gold stocks, as investors awaited minutes of the central bank's latest policy meeting for rate cues, while Insignia Financial jumped after agreeing to an A$3.3 billion takeover bid. The S&P/ASX 200 index climbed 0.3% to 8,692.5 by 0030 GMT, after closing 1% lower on Monday. The Reserve Bank of Australia (RBA) will release later in the day minutes of its July policy meeting where it may offer some insights into a rare split among policymakers before deciding to hold interest rates steady at 3.85%. A surprisingly soft jobs report last week has seen markets move to price a 90% chance that the central bank will cut rates next month. On the resources-heavy bourse, miners led the charge with a 2.4% rise, after iron ore futures closed higher overnight. Top miners BHP and Rio Tinto climbed 2.5% and 2.2%, respectively, while Fortescue advanced 2.1%. Gold stocks gained 3.1%, after bullion prices hit a five-week high overnight. Gold miner Northern Star Resources rose 2.7%, while Genesis Minerals advanced 5.7%. Limiting the benchmark index's gain, financials slipped 0.6%, while energy stocks declined 0.7%, tracking weakness in oil prices. Among individual stocks, Insignia Financial jumped 16% after the wealth manager agreed to an A$3.3 billion ($2.15 billion) takeover by investment manager CC Capital Partners. Champion Iron advanced 4.6% after the company said Nippon Steel and Sojitz Corp would invest an initial C$245 million ($179.08 million) in its Kami iron ore project in Canada for an aggregate 49% interest. New Zealand's benchmark S&P/NZX 50 index fell 0.7% to 12,874.11. ($1 = 1.5335 Australian dollars) ($1 = 1.3681 Canadian dollars) (Reporting by Roshan Thomas in Bengaluru; Editing by Subhranshu Sahu)


Mint
4 days ago
- Business
- Mint
Australian shares dip in broad-based selling; South32 shines
(Corrects paragraph 9 to say crude prices fell on Friday, not rose) July 21 (Reuters) - Australian shares slipped in broad-based selling on Monday, with banks and miners leading the decline, while South32 rose after the diversified miner reported fourth-quarter manganese output ahead of analysts' estimates. The S&P/ASX 200 index fell 0.6% to 8,700.80 by 0023 GMT. The benchmark rose 2.1% last week in its strongest weekly performance since April. Globally, investors were hoping for some progress in trade talks ahead of U.S. President Donald Trump's August 1 tariff deadline. In Sydney, miners fell 0.4% on Monday after gaining 1.7% last week. Shares of mining major BHP were down 0.2%. Outperforming the mining sub-index, South32 rose more than 2% after the world's largest producer of manganese clocked an output of 1.1 million wet metric tons of manganese for the quarter ended June 30. The result beat a Visible Alpha consensus estimate of 850,000 wmt, as per Barrenjoey. Financials dropped 0.8% after rising 1.6% last week, with the "Big Four" banks down between 0.6% and 1.1%. Gold stocks declined more than 1%. Northern Star Resources and Genesis Minerals lost 0.5% and 1.5%, respectively. Energy stocks fell 0.3%. Woodside Energy was down 0.3%, while Santos edged 0.1% lower. Brent crude futures rose 5 cents to $69.33 a barrel after settling 0.35% lower on Friday. U.S. West Texas Intermediate crude was up 2 cents at $67.36 a barrel, following a 0.30% decline in the previous session. Information technology stocks dropped 0.3%. WiseTech Global declined 0.2%, while Xero's Australian shares shed 0.7%. New Zealand's benchmark S&P/NZX 50 index rose 0.2% to 12,905.69. Data showed the country's annual consumer inflation accelerated in the second quarter but came in below economists' forecasts. The Reserve Bank of New Zealand, which in May forecast annual inflation for the quarter at 2.6%, held interest rates steady at this month's policy meeting partly due to near-term price risks. (Reporting by Roshan Thomas in Bengaluru; Editing by Subhranshu Sahu)


Mint
11-07-2025
- Business
- Mint
Australian shares inch lower as banks, gold stocks drag; Johns Lyng surges
July 11 (Reuters) - Australian shares edged lower on Friday, as losses in banking and gold stocks outweighed gains in miners, while Johns Lyng Group soared after the building services provider agreed to a takeover offer from Pacific Equity Partners. The S&P/ASX 200 index fell 0.1% to 8,583.6 by 0026 GMT. The benchmark has lost 0.2% so far in the week after two consecutive weeks of gains. Overnight, the S&P 500 and Nasdaq registered record closing highs, and Nvidia's market value closed above $4 trillion for the first time. Markets largely shrugged off U.S. President Donald Trump's latest tariff missives, including a new 50% tariff on copper imports from August 1. In Sydney, shares of Johns Lyng Group climbed 23.3% and were on track for their best day ever, after the company agreed to be acquired by Pacific Equity Partners for an equity value of A$1.1 billion ($725.01 million). Index heavyweight financials fell 0.8%. National Australia Bank, Westpac and Commonwealth Bank of Australia were down between 0.1% and 0.3%. The Reserve Bank of Australia on Tuesday held its cash rate steady at 3.85% in a surprise move, saying the majority of the board wanted to wait for more information to confirm inflation was slowing. Gold stocks dropped 0.9%, with Evolution Mining and Northern Star Resources shedding 1.9% and 0.7%, respectively. Miners rose 2.1% after iron ore prices climbed overnight on hopes of a new wave of reforms to rein in steel supply and more stimulus measures from top consumer China. Shares of BHP and Rio Tinto were up 2.6% and 2.5%, respectively, while Fortescue advanced 3.8%. In New Zealand, the benchmark S&P/NZX 50 index rose 0.2% to 12,781.39. It was down 0.1% so far in the week. ($1 = 1.5230 Australian dollars) (Reporting by Roshan Thomas in Bengaluru; Editing by Subhranshu Sahu)