Australia: Miners lift shares; new Labor PM Albanese sworn in

AUSTRALIAN shares rose on Monday, lifted by mining stocks, while Labor Party leader Anthony Albanese was sworn in as the country’s 31st prime minister, after nine years of rule by the conservative coalition. The S&P/ASX 200 index was up 0.3 per cent at 7,165.40 by 0027 GMT, and eyed its second straight day of gains. In other key markets, Japan’s Nikkei rose 1 per cent to 27,005.85 and S&P E-minis futures were up 1 per cent. Albanese promised a “journey of change” as he vowed to tackle climate change, rising living costs, and inequality. Australian miners climbed 1.1 per cent and touched a more than two-week high after iron ore prices surged on Friday. BHP Group, Rio Tinto and Fortescue Metals Group rose between 0. per cent and 2.6 per cent. Incitec Pivot surged as much as 7.5 per cent and was set to log its best day since November 15 after the fertiliser maker said it would spin-off its explosives manufacturing and fertilisers businesses. Energy stocks added 0.3 per cent, benefiting from strong oil prices. Major oil and gas explorers Woodside Petroleum and Santos gained 0.5 per cent and 0.3 per cent, respectively. Domestic technology stocks were among the biggest laggards on the local bourse, retreating 0.2 per cent as they tracked Wall Street’s weak finish last week. ASX-listed Block tumbled 4.9 per cent, while WiseTech Global declined 0.2 per cent. Financials shed 0.1 per cent, with Commonwealth Bank of Australia, and Australia and New Zealand Banking Group falling 0.2 per cent and 0.3 per cent, respectively. In New Zealand, the benchmark S&P/NZX 50 index rose 0.5 per cent to 11,327.14. REUTERS