Miners lift Australian shares higher; BHP sweetens Noront bid

Oct 20 (Reuters) - Australian shares rose on Wednesday as metal-centric stocks jumped on firm commodity prices, while global miner BHP hit a one-month high after topping billionaire Andrew Forrest's bid for nickel miner Noront Resources.

The S&P/ASX 200 index .AXJO rose about 1% to 7,447.3 by 0022 GMT.

Miners .AXMM were the biggest boosts on the local bourse, climbing 1.6%, after benchmark iron ore prices recovered from four consecutive sessions of losses overnight to gain up to 1.6%.

The country's big mining names — BHP Group BHP.AX , Rio Tinto RIO.AX and Fortescue Metals FMG.AX — pushed the sub-index higher, climbing between 2.3% and 2.4%.

Global miner BHP also topped a takeover offer for Canadian nickel miner Noront Resources NOT.V by Forrest's Wyloo Metals earlier this week, increasing its offer to C$419.3 million ($339.27 million), or C$0.75 per share.

Online retailer Kogan.com KGN.AX was the top gainer on the local bourse, rising 9.8% to hit its highest in over 1-1/2 months after reporting an increase in gross sales during the September quarter.

The Australian tech index .AXIJ rose 1.9%, tracking Wall Street, which enjoyed the biggest boosts from the technology sector.

Software provider for logistics firms WiseTech Global WTC.AX led gains on the sub-index, advancing 2.8%, while sub-index favourite Afterpay APT.AX added 2.4%, hitting the highest in over three weeks.

Oil and gas explorer Beach Energy BPT.AX declined up to 5% to mark its worst day in nearly three weeks after reporting a 15.7% dip in first-quarter production.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.5% to 13,128.1.

($1 = 1.2359 Canadian dollars)
Reporting by Riya Sharma in Bengaluru; editing by Uttaresh.V

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.