By Reuters
Copyright brecorder
Australian shares rose on Monday, with miners and gold stocks at the helm, while losses in energy shares kept a lid on gains.
The S&P/ASX 200 index added 0.6% to 8,823.50 points by 0022 GMT. It had closed 0.3% higher on Friday.
Heavyweight miners advanced 2.5%, eyeing their strongest session since late August. Sector majors BHP, Rio Tinto and Fortescue rose 0.3%, 1.2% and 1.8%, respectively.
The sub-index tracked iron ore prices, which ended the week higher on Friday, buoyed by strengthening steel demand and pre-holiday restocking in major consumer China.
Banks, healthcare stocks lift Australian shares after job data fuels rate cut bets
Gold stocks gained 5.4% to a lifetime peak on higher bullion prices, with index leaders Northern Star Resources and Evolution Mining advancing 4% and 4.1%, respectively.
Technology stocks gained 0.7%, mirroring Wall Street peers’ Friday rally after the tech-heavy Nasdaq Composite notched a record closing high.
Logistics software maker WiseTech Global rose 0.6% and accounting software firm Xero gained 0.9%.
Bucking the trend, energy stocks fell 0.7%. Woodside Energy lost 1.3%.
An unexpected drop in Australian employment, per data last week, indicated a softening labour market, firming bets for an interest rate cut by the Reserve Bank of Australia (RBA) later this year.
Financials rose 0.2%, with top lender Commonwealth Bank of Australia adding 0.3%. Lower interest rates have been aiding banks in spurring consumer borrowing and spending.
Meanwhile, investors are awaiting the local inflation data later this week for cues into the RBA’s rate path ahead of next week’s policy meeting.
Among individual stocks, plumbing product supplier Reece soared 18.7% – its steepest intraday percentage gain since February 2024 – after announcing an off-market share buy-back of up to A$250 million ($164.6 million).
The stock was the best performer on the benchmark index.
Further south, New Zealand’s benchmark S&P/NZX 50 index was flat at 13,229.47 points.
