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Australia: Shares end at record high on trade boost; NZ gains

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Australian shares hit their highest close ever on Wednesday, with mining stocks leading the rally, as investors factored in the growing likelihood of an interim China-US trade deal.[SYDNEY] Australian shares hit their highest close ever on Wednesday, with mining stocks leading the rally, as investors factored in the growing likelihood of an interim China-US trade deal.

US President Donald Trump said on Tuesday that United States and China are close to an agreement on the first phase of a trade deal, after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues. Australia's benchmark S&P/ASX 200 index closed at 6,850.60, up 0.9 per cent or 63.1 points, extending gains for a fourth consecutive session.

One of the greatest beneficiaries of easing hostilities with China - Australia's biggest trading partner - are mining stocks, which ended 1.3 per cent firmer.In New Zealand, its benchmark S&P/NZX 50 index closed 0.7 per cent higher at 11,120.81.

Source: News Formal (newsformal.com)

 

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