Shining gold stocks lead Australian shares higher

Reuters
02-11
Shining gold stocks lead Australian shares higher

Feb 11 (Reuters) - Australian shares rose on Tuesday, as gold miners hit an all-time high after the bullion's record rally, while other sectors also gained in broad-based buying and investors remained focused on earnings reports from several heavyweight companies.

The S&P/ASX 200 index .AXJO rose 0.2% to 8,502.9 points by 0008 GMT. The benchmark fell 0.3% on Monday.

On the broader market, gold miners .AXGD gained as much as 2.6% to hit a record high.

Gold prices continued their record rally and broke through the key $2,900 level for the first time, driven by safe-haven demand. GOL/

Northern Star Resources NST.AX gained 3.1%, while Evolution Mining EVN.AX was up 2.5%.

Financials .AXFJ rose 0.1% with lender Westpac WBC.AX rising 0.5%.

The country's largest asset manager Macquarie MQG.AX rose 1.7% after posting a largely flat nine-month profit. Investors will now look out for earnings from Commonwealth Bank of Australia CBA.AX, due Wednesday.

Energy firms .AXEJ gained 0.6% as oil prices shot up nearly 2% on Monday after posting their third successive week of losses. O/R

Brent crude futures LCOc1 settled at $1.21, or 1.6%, at $75.87 a barrel, while U.S. West Texas Intermediate crude CLc1 rose $1.32, or 1.9%, to $72.32 a barrel.

Healthcare sector .AXHJ jumped 0.4%, driven by biotech giant CSL CSL.AX, which was up 1.7% after posting a rise in its half-year profit.

Overnight, the U.S. Dow Jones Industrial Average .DJI rose 167.01 points, or 0.38%, at 44,470.41 points on Monday. The S&P 500 .SPX gained 40.45 points, or 0.67%, while Nasdaq .IXIC gained 190.87 points, or 0.98%.

Among individual stocks, diversified investor SGH SGH.AX jumped as much as 9.4% to its record high after first-half earnings comfortably beat analysts' estimates.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.2% to 12,898.8 points.

(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Alan Barona)

((aaditya.govindrao@thomsonreuters.com))

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