Australian shares set to edge up; NZ gains

By Kitco News / February 22, 2018 / www.kitco.com / Article Link

Feb 23 (Reuters) - Australian shares are expected to gain at Friday's open, following a positive lead from Wall Street and higher oil prices.

U.S. stocks advanced on Thursday, buoyed by gains in industrial and energy shares. Meanwhile, oil prices rose to two-week highs on Thursday, boosted by data showing a surprise draw-down in U.S. crude inventories and also by a drop in the dollar.Brent crude gained 1.5 percent, to $66.38 a barrel, after touching its two-week high at $66.56.

Australian share price index futures rose 36 points, or 0.6 percent, to 5,950, a 0.9-point discount to the underlying S&P/ASX 200 index close. The benchmark gained 0.1 percent on Thursday.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.4 percent in early trade, largely due to industrials and utilities.

The main index's biggest prop was Meridian Energy Ltd , which gained as much as 1.4 percent. It was the stock's biggest percentage gain in 10 days.


(Reporting by Aaron Saldanha in Bengaluru; Editing by Kevin Liffey)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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