Australian Stocks Rise for Second Day Amid Global Commods Demand

(Bloomberg) -- S&P/ASX 200 index rose 0.1 percent to close 6,077.08 in Sydney, as materials stocks rise for a second day after Chinese trade data signaled healthy global demand.

Evolution Mining Ltd., Resolute Mining Ltd. and Northern Star Resources were among the leaders after gold prices posted a fifth straight weekly advance last week, its longest winning streak since mid-2016. Energy stocks led the laggards after Origin Energy Ltd. and Santos Ltd. were downgraded at UBS Group AG. after the recent rally in oil prices.

Australian Stocks Rise for Second Day Amid Global Commods Demand

In New Zealand, the NZX 50 index fell 0.4% to 8,211.37 after food prices fell for the fourth straight month in December.

ADVANCERS:

  • Mayne Pharma (MYX) +6.8%; rises to highest since Aug. 15, breaks upper Bollinger band
  • Evolution Mining (EVN) +6.6%, Resolute Mining (RSG) +5.9%, Northern Star Resources (NST) +4.5%, St Barbara (SBM) +4.3%; Gold rises to four-month high as U.S. dollar weakens; traders are bullish again as price gains on dollar selloff

DECLINERS:

  • NEXTDC (NXT) -4%; cut to hold at Deutsche
  • Fairfax Media (FXJ) -2.7%, falls for fifth day to lowest since Dec. 7
  • Origin Energy (ORG) -1.8%; cut to neutral at UBS
  • Santos (STO) -1.3%; cut to sell at UBS

RELATED STORIES:

  • Asian Stocks Climb on Growth Outlook; Yen Rises: Markets Wrap
  • Asian Stocks Rise as Equities From Japan to Hong Kong Rally
  • Iron Ore Sinks as China’s Top Steel Group Says Gains Irrational
  • What to Watch in Commodities: Big Iron, Oil at $70, Alcoa, Palm

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