Industry News

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

Views : 291
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.

Related News
Read More >>
Taiwan's coated steel demand falls short of expectations after typhoon reconstruction Taiwan's coated steel demand falls short of expectations after typhoon reconstruction
Sep .19.2025
Taiwan's coated steel demand falls short of expectations after typhoon reconstruction
Global primary aluminum market has short supply of 119,900 tons in Jul Global primary aluminum market has short supply of 119,900 tons in Jul
Sep .19.2025
Global primary aluminum market has short supply of 119,900 tons in Jul
China's aluminum-related production statistics in Aug China's aluminum-related production statistics in Aug
Sep .19.2025
China's aluminum-related production statistics in Aug
Saudi Arabia accelerates major water transmission projects, raising pipe and long steel demand Saudi Arabia accelerates major water transmission projects, raising pipe and long steel demand
Sep .19.2025
Saudi Arabia accelerates major water transmission projects, raising pipe and long steel demand