Australian shares jumped higher on Wednesday, hitting a nearly four-week peak. This upswing was powered by solid gains in gold and tech stocks, which came after the nation’s central bank decided to put a pause on raising interest rates.
The S&P/ASX 200 index closed 0.2% higher at 7,250, followed by a slight 0.2% increase the day before. Some of the notable climbers included gold mining stocks, with Newcrest Mining and Northern Star Resources rising by more than 3%.
The other big winner of the day was Viva Energy, which climbed 5.8% to an all-time high on the news that it would be buying On The Run (OTR Group) from Peregrine Corp for $776.6 million. The jump in Technology stocks was also a driving force, with Xero and Block Inc increasing between 1.6% and 0.8%.
Unfortunately, it wasn’t all positive for miners as Rio Tinto and Fortescue Metals experienced a dip of 1.3% and 2.1%, respectively, after copper prices dipped overnight. Meanwhile, Megallan Financial Group became the biggest loser of the ASX 200, with an 8% drop after it reported an increase in outflows for March.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index saw a mild 0.3% surge to 11,929.20. There is a considerable amount of attention surrounding the Reserve Bank of New Zealand meeting scheduled for later in the day, as it is expected to raise the interest rate by 25 basis points to 5.00%. Many economists are split on whether it will follow up with another hike in May.
The company mentioned in the article is On the Run (OTR Group), a convenience store operator based in Adelaide, owned by Peregrine Corp. The store which currently has around 350 outlets in Australia has a wide range of convenience store items, fuel, and other services.
The individual mentioned in the article is Nausheen Thusoo, who is an Indian-born journalist based in Bengaluru. She currently works for Reuters and reports mostly on finance, banking, economics and business stories. She holds a bachelor’s degree in commerce from St. Joseph’s College, Bangalore.