Australian shares extend gains as easing Middle East tensions boost risk appetite
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By Sruthi Narasimha Chari
May 7 (Reuters) - Australian shares logged a second straight session of gains on Thursday, buoyed by mining and financial stocks as hopes of a peace deal off Middle East helped steady markets globally and lifted risk appetite.
The benchmark S&P/ASX 200 index .AXJO rose 1% to 8,878.10 points, extending gains for a second straight session after surging 1.3% on Wednesday.
Global markets took heart from prospects of a Middle East peace deal after Trump said he expected the war in Iran to end soon, with the upbeat sentiment spilling over into Australian markets. MKTS/GLOB
Gold and copper-linked miners rising on hopes of stronger global growth due to the easing sentiment, said Cameron Curko, chief investment officer at Pitcher Partners.
Miners .AXMM surged 3.6%, hitting a more than two-month high on firmer iron ore and copper prices. IRONORE/ MET/L
Mining majors BHP BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX gained between 3.2% and 3.8%.
Gold stocks .AXGD added 4.7%, with shares of Northern Star Resources NST.AX and Evolution Mining EVN.AX advancing 4.4% and 6.3%, respectively.
Financials .AXFJ gained 0.4% to notch a two-week high with Westpac WBC.AX, Commonwealth Bank of Australia CBA.AX and ANZ ANZ.AX rising between 0.7% and 1%.
Tech stocks .AXIJ added 0.2%, with shares of IT services & consulting firm Megaport MP1.AX and hotel commerce platform company Siteminder SDR.AX up 9.4% and 5.1%, respectively.
Bucking the trend, energy stocks .AXEJ fell 2.9% - marking their second straight session of losses - even as oil prices held firm. O/R
Shares of energy firms Woodside Energy WDS.AX and Santos STO.AX lost 4.2% and 3.3%, respectively.
Wagering and gaming firm Tabcorp TAH.AX tumbled 23.5% after the country's financial crimes watchdog launched a probe into the company over concerns about its ability to manage money-laundering and terrorism-financing risks.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 closed 1% higher at 13,270.61, its highest since early April.
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