Miners lift Australian stocks to new peak, Lynas hits 8-1/2-year high

(Corrects date to July 26 from June 26)

July 26 (Reuters) - Australian shares hit a fresh high on Monday as mining stocks jumped more than 1%, while rare earth producer Lynas hit its highest level since January 2013 after reporting record quarterly revenue.

The S&P/ASX 200 .AXJO had risen 0.2% to 7,408.30 points by 1247 GMT, extending gains to a fourth straight session.

Miners .AXMM led the charge with a more than 1% rise, with Lynas Rare Earths LYC.AX the biggest winner on the benchmark index.

Lynas on Monday reported a record fourth-quarter revenue as robust demand led to a jump in sales of the metals it mines, offseting weaker prices.

Wall Street indexes gained on Friday, driven by upbeat earnings and signs of an economic revival.

At home, Victoria state on Monday reported fewer new COVID-19 cases, raising hopes of an end to a lockdown as planned, even as neighbouring New South Wales looked set to extend its strict stay-home orders.

Capping gains in Australian stocks was the gold subindex .AXGD , which slipped 1.6% as bullion prices fell. De Grey Mining DEG.AX and Resolute Mining RSG.AX declined 3.8% and 3%, respectively.

Energy stocks .AXEJ also gave up more than 1%, with Whitehaven Coal WHC.AX and Ampol ALD.AX falling about 2% each.

Elsewhere, Japan's Nikkei .N225 was up 1.6% at 27,975.64 points, while the S&P 500 E-minis futures EScv1 were down 0.2%.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 was down 0.1% at 12,722.50 points.
Reporting by Tejaswi Marthi in Bengaluru; editing by Vinay Dwivedi

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