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Mining, tech stocks lift Australian shares higher

05/19/2022 | 09:56pm

May 20 (Reuters) - Australian shares rose in early trade on Friday, led by gains in export-centric mining stocks after China hinted on further stimulus support and technology stocks recovering after sell-off in the previous session, even as global markets were subdued.

The S&P/ASX 200 index rose 1% to 7133.40 by 0045 GMT. The benchmark fell 1.7% on Thursday amid a broader sell-off.

Global sentiment continued to tread in negative territory, as investors fretted about inflation and rising interest rates.

In other key markets, Japan's Nikkei added 0.4% to 26,506.9 and S&P 500 E-minis futures were up 0.5%.

The mining sub-index has jumped nearly 4% this week, as iron ore prices gained on renewed optimism over economic recovery by Australia's top trading partner China. The sub-index added close to 2% for the session, hitting its highest level in three weeks.

Mining giants BHP Group, Rio Tinto and Fortescue Metals Group climbed between 2% and 2.6%.

Technology stocks rose over 3% for the week, after swinging between gains and losses all week as inflation woes kept rocking the markets.

ASX-listed shares of Block Inc soared 7%, while accounting software firm Xero Ltd added 2.5%.

Gold stocks gained about 5% this week, on track to snap a four-week losing streak on strong bullion prices.

Online retailer MyDeal.com soared over 50% after supermarket chain Woolworths Group offered to buy an 80% stake.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.5% to 11260.92.

A Reuters poll found that the central bank will hike interest rate by half a percentage point when it meets on May 25. (Reporting by Jaskiran Singh; Editing by Rashmi Aich)

© Reuters 2022
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