ASX ends higher, led by energy gains
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The news: The Australian sharemarket reversed Monday's declines as it closed higher on Tuesday for its best session in over a month, led by rise in the energy sector.
The numbers: The benchmark ASX 200 lifted 1.4% to end at 7,838.8, with all sectors finishing in green.
The best performing sector was energy, up 2%, followed by A-REITs (1.61%) and materials (1.27%).
Shares in Collins Foods, the operator of KFC and Taco Bell restaurants in Australia, rose 7% after the company reported a jump in full-year profit.
SkyCity Entertainment Group gained 1.5% after agreeing to sell its entire 10% shareholding in European sports betting company Gaming Innovation Group.
Coronado Global Resources lifted 1% following news that the Energy & Minerals Group terminated an agreement for Sev.en Global Investments to acquire its majority stake in the ASX-listed US coal producer.
The worst performing sector was information technology, edging 0.06% lower, followed by utilities and industrials, which gained 0.12% and 0.46% respectively.
Paladin Energy shares fell 5% after the uranium explorer announced it had agreed to acquire Canada’s Fission Uranium after market close on Monday.
Shares in Synlait plunged 6.8% as the New Zealand dairy producer warned of potential insolvency if shareholders don’t approve a new loan from China’s Bright Dairy.
The Australian dollar is buying 66.64 US cents.
The context: Overnight, traders will turn to the release of US consumer confidence data as a leading indicator of the country's consumer spending.
On Wednesday morning, the Australian Bureau of Statistics will release monthly consumer price index figures, which will provide more clues on the direction of overall inflation.
