Australia: Shares buoyed by material, energy stocks; New Zealand down

Shares of global miner BHP Group rose as much as 1.7 per cent to their near six-month high, a day ahead of the company's quarterly production results.

Rival Anglo-Australian miner Rio Tinto also hit an over six-month high. The miner had posted a 3 per cent drop in iron ore shipments in 2019 but forecast higher iron ore shipments in 2020 on Friday. Meanwhile, stronger oil prices buoyed energy stocks which were set to snap two sessions of losses rising about 0.5 per cent.Shares of Woodside Petroleum rose 0.5 per cent, while those of Beach Energy gained 2.7 per cent.

Elsewhere, Australian oil minnow FAR said it had taken the final investment decision and got loan approvals to develop its interest in the Sangomar project sending its shares up as much as 4.7 per cent.The rampant bushfires in Australia have weighed on insurers with Suncorp Group and Insurance Australia Group receiving claims of nearly A$400 million each.Separately, shares of Lynas Corp fell 1.

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