Australia: Shares jump 1% on reports Queensland to lift lockdown curbs

[BENGALURU] Australian shares climbed 1 per cent on Tuesday as investors bet on news that Queensland state was set to lift virus-led restrictions and on prospects of better production numbers from local miners, helped by improved industrial activity in top consumer China.

The S&P/ASX 200 index rose 1 per cent to 6,729.6 by 0014 GMT. The benchmark closed 0.8 per cent lower on Monday.

Data on Monday had confirmed China's economy was one of the few in the world to grow over 2020 and actually picked up speed as the year closed.

Local media on Tuesday reported Queensland Premier Annastacia Palaszczuk as saying that the state was "on track" to lift coronavirus-led restrictions on Friday, while New South Wales said it recorded zero new local cases in the 24 hours up to Monday night.

Financials climbed 1.3 per cent, with the so-called "Big Four" banks advancing between 0.7 per cent and 1.3 per cent.

Healthcare stocks rose 1 per cent, helped by heavyweight CSL gaining 1.3 per cent.

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"A lot of the early movement seems to be a bounce back from yesterday's losses in the absence of direction from the US markets and lack of big news on the domestic fight against the virus," said James Tao, market analyst at CommSec.

Miners gained ahead of production results by BHP Group later in the week, and helped by higher iron ore prices that were boosted by China's robust GDP growth.

Global miner Rio Tinto on Tuesday reported a 2.4 per cent rise in quarterly iron ore shipments as industrial activity in top consumer China grew.

Industrial stocks were also trading higher, with toll road operator Transurban Group gaining 1.1 per cent.

Meanwhile, Bingo Industries was the biggest gainer on the benchmark, soaring 23.7 per cent after the waste management company said it received a cash buyout offer from a consortium valuing the firm at A$2.29 billion (S$2.34 billion).

In New Zealand, the benchmark S&P/NZX 50 index fell 0.3 per cent, hurt by utility and healthcare stocks.

REUTERS