Australia shares rise; banks offset losses in mining, energy stocks

Reuters
01-07
Australia shares rise; banks offset losses in mining, energy stocks

Jan 7 (Reuters) - Australian shares rose for a fourth straight day on Tuesday, on the back of gains in banks offsetting losses in miners and energy stocks as investors took cues from Wall Street performance overnight.

The S&P/ASX 200 index .AXJO rose 0.4% to 8,289.1 points by 2338 GMT. The benchmark closed 0.1% higher on Monday.

The S&P 500 and Nasdaq Composite rose on Monday with a rally in semiconductor stocks and a report suggesting a less aggressive tariff stance from the incoming Trump administration. .N

Locally, traders are also on the lookout for the November consumer price index $(CPI.UK)$ data due on Wednesday. The figure is expected to increase to 2.2% compared with a rise of 2.1% in October, according to a Reuters poll of economists.

Financials .AXFJ were up 0.6% in their fourth session of consecutive gains. Three of the "big four" banks rose between 0.3% and 0.5%.

Miners .AXMM lost 0.2%, falling for the third straight day.

Iron ore prices were pressured by a slower hot metal output in China and a weakness in the top consumer's equity markets. IRONORE/

BHP BHP.AX was flat while Rio Tinto RIO.AX fell 0.2%.

Gold stocks .AXGD declined 0.6% as prices of the precious metal fell on higher U.S. treasury yields. GOL/

Northern Star Resources NST.AX dropped 0.6% while Evolution Mining EVN.AX slipped 0.7%.

Energy stocks .AXEJ too shed 0.3%, tracking a dip in oil prices. The sub-index is on its way to snap a nine-day winning streak. O/R

Woodside Energy WDS.AX dipped 0.3% and Santos STO.AX was flat.

Among company news, shares of Syrah Resources SYR.AX rose 2.3% to A$0.22 after it secured a loan waiver amid Mozambique unrest.

New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.1% to 13,060.63 points.

(Reporting by Sneha Kumar in Bengaluru; Editing by Alan Barona)

((Sneha.kumar@thomsonreuters.com))

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