Industry News

Australian shares rise on mining, energy boost; Rio Tinto slips

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Update time : 2021-10-15 17:51:03

Oct 15 (Reuters) - Australian shares rose on Friday for a second straight session, helped by gains in mining and energy stocks on strong underlying commodity prices, while Rio Tinto slipped after cutting its 2021 iron ore shipments forecast.

The S&P/ASX 200 index advanced 0.51% to 7,349.1 by 0031 GMT and was on track for a second straight weekly gain.

Miners rose 1.33% after zinc prices jumped to a 14-year high overnight and copper, nickel and gold prices advanced.

BHP Group climbed 2.7% after securing 83% support for a climate change roadmap, a much stronger outcome than predicted, while Fortescue Metals rose 2.3%.

Rio Tinto skidded up to 1.2% after downgrading its annual iron ore shipments forecast as a tighter labour market in Western Australia delayed the completion of a new greenfield mine.

Carrier Qantas Airways rose up to 4.3% after agreeing an A$802 million ($595 million) deal to sell land near Sydney Airport to a consortium led by LOGOS Property Group to reduce debt.

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