MELBOURNE, July 19: Australian shares rose 1.2 percent on Thursday, led by miners and energy companies, with banks also gaining after encouraging US earnings.
Woodside Petroleum jumped 7 per cent after it raised its 2012 production target range. Energy firms were also boosted as oil prices hit a seven-week peak, with violence in Syria and tensions with Iran reinforcing geopolitical fears.
Some comfort was taken as US Federal Reserve Chairman Ben Bernanke said he did not expect a double-dip recession for the United States, although investors remained uncertain.
‘I think the expectations are low and the market is nervous. I don’t think there’s anything that’s probably going to change in the immediate term,’ said Luke Sinclair, an investment manager at Karara Capital.
The benchmark S&P/ASX 200 index was up 47 points at 4,170.9 by 0223 GMT. It fell 0.4 percent on Wednesday.
New Zealand’s benchmark NZX 50 index rose 0.5 percent to 3,490.3 points.
STOCKS ON THE MOVE:
· Australia’s No.1 and No.2 oil and gas companies, Woodside Petroleum and Santos, both rallied after reporting increases in second-quarter production.
· Woodside was up 7 percent at A$32.53 after it said output jumped 23 percent a year ago to 20.1 million barrels of oil equivalent (mmboe) after its flagship A$14.9 billion Pluto liquefied natural gas (LNG) project, which began operating in March, beat expectations.
· Santos gained 3.3 percent to A$10.43 after posting a 9 percent increase in second-quarter production to 13 mmboe, compared to the same period a year ago, boosted by the start-up of new projects.
· 0022 GMT
· BHP Billiton rebounded from a three-year low to gain 2.1 percent at A$30.82, helped after the S&P 500 hit its highest level since early May and copper prices rose.
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