Oct 15 (Reuters)Australian shares rose on Friday for a second straight session, helped by gains in mining and energy stocks on strong underlying commodity prices, while Rio Tinto slipped after cutting its 2021 iron ore shipments forecast.

The S&P/ASX 200 index .AXJO advanced 0.51% to 7,349.1 by 0031 GMT and was on track for a second straight weekly gain.

Miners .AXMM rose 1.33% after zinc prices jumped to a 14-year high overnight and copper, nickel and gold prices advanced. MET/L

BHP Group BHP.AX climbed 2.7% after securing 83% support for a climate change roadmap, a much stronger outcome than predicted, while Fortescue Metals FMG.AX rose 2.3%.

Rio Tinto RIO.AX skidded up to 1.2% after downgrading its annual iron ore shipments forecast as a tighter labour market in Western Australia delayed the completion of a new greenfield mine.

Carrier Qantas Airways QAN.AX rose up to 4.3% after agreeing an A$802 million ($595 million) deal to sell land near Sydney Airport to a consortium led by LOGOS Property Group to reduce debt.

Energy stocks .AXEJ rose 1.1%, tracking crude oil prices which rose 1% overnight after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators. O/R

Heavyweight Whitehaven Coal Ltd WHC.AX and Beach Energy Ltd BPT.AX led the gains on the sub-index, climbing 2.17% and 1.4​% respectively.

Insurer Insurance Australia Group IAG.AX fell as much as 3.5% after the securities regulator launched a civil penalty proceedings against a unit over its failure to pass on discounts worth A$60 million to nearly 600,000 customers.

New Zealand’s benchmark S&P/NZX 50 index .NZ50 slipped 0.07% to 13,038.8. Elsewhere, S&P 500 E-minis futures EScv1 were up 0.05%.

($1 = 1.3495 Australian dollars)

(Reporting by Riya Sharma in Bengaluru; Editing by Subhranshu Sahu)


Source: Nasdaq


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