|Published : 20 Apr 2017, 14:15:35|
Australian shares claw back from three-week lows
Australian shares clawed back from three-week lows on Thursday as bargain hunters stepped in after the market was sold off in the last three sessions.
The S&P/ASX 200 index rose 8.19 points, or 0.14 per cent, to 5812.00 by 0251 GMT.
Risk appetite had dented in the last few days hurt by a sustained weakness in commodity prices and as stocks tracked wider market weakness.
Financial stocks bounced back, leading the gains on the benchmark, with the 'big four' banks rising between 0.4 per cent and 0.9 per cent at one point.
Telecom stocks backed the gains as Telstra hit a one-week high, while rival TPG Telecom rose 2.2 per cent, its highest since April 11.
Telstra shares were on a losing streak for four days after TPG won a spectrum auction on April 12.
At the other end, energy stocks continued to be under pressure tracking overnight weakness in crude oil prices.
Large-cap miner Rio Tinto Ltd hit a one-week high after it maintained its annual iron ore shipment guidance despite weakening ore prices, according to Reuters.