for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Australia shares snap three-day losing run as banks, energy stocks rise

May 14 (Reuters) - Australian shares rose on Friday after falling for three straight sessions, with banking and energy stocks leading gains, following an overnight rebound on Wall Street as easing worries about inflation supported appetite for growth stocks.

The S&P/ASX 200 rose 0.78% to 7,037.5 by 0026 GMT.

Wall Street closed higher overnight, bouncing back from three straight days of selling on upbeat labour market data and as investors snapped up stocks that would benefit from an economic recovery and shrugged off worries about rising prices.

Aussie financial stocks climbed 1.26% with all the ‘Big Four’ banks trading in the black.

Asset manager Janus Henderson Group led the gains, rising 2.93%, followed by investment management Challenger Ltd , gaining 2.67%.

Energy stocks rose 1.28% even as oil prices dropped amid concerns about demand from India and as the hacked Colonial Pipeline in the U.S. restarted.

Sector heavyweight Whitehaven Coal jumped 8.76%, followed by Washington H Soul Pattinson and Company, gaining 2.26%.

World’s largest listed winemaker Treasury Wine rose as much as 5.6% to a more than one-month high, as brokerage Jefferies praised its upbeat FY21 outlook.

In New Zealand, the benchmark S&P/NZX 50 rose 0.4% to 12,477.6.

In other markets, Japan’s Nikkei was up 1.53% at 27,867.18 and S&P 500 E-minis futures were up 0.21%. (Reporting by Riya Sharma in Bengaluru; Editing by Rashmi Aich)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up