Australia: Shares end higher as travel curbs ease, tech stocks rise

[BENGALURU] Australian shares ended higher on Monday (Nov 1) as travel and tourism stocks rose on the back of easing international border curbs, and tech stocks tracked Wall Street higher, although disappointing earnings from lender Westpac limited gains.

The benchmark S&P/ASX 200 index closed 0.6 per cent higher to 7,370.8 points. It had closed 1.4 per cent lower on Friday (Oct 29).

Investors now look to the Reserve Bank of Australia's (RBA) crucial meeting on Tuesday (Nov 2) after it skipped a chance to buy its 2024 yield target bond last week and fuelled worries of sooner-than-expected rate hikes.

"Tomorrow's RBA meeting is probably going to be a highlight this week," Steven Daghlian, a market analyst at CommSec said.

"It could be an opportunity for RBA officials to provide a little bit more guidance and change some of what they've been flagging as likely timings."

Qantas Airways and travel booking firm Webjet climbed nearly 3 per cent and 2 per cent, respectively, as Australia allowed some of its vaccinated public to travel freely after more than 18 months.

Tech stocks tracked a jump in the US peers to be the top gainers on ASX 200, finishing 1.8 per cent higher, with WiseTech Global adding 5.5 per cent.

The energy index shrugged off weak oil prices to gain 1.2 per cent, with Oil Search and its merger partner Santos leading advances.

Miners were largely unchanged as iron ore continued to drag, with index major BHP Group shedding 0.5 per cent.

Shares of Westpac Banking, the country's No 3 lender, plunged 7.4 per cent to be the top loser on the bank index after it revealed big cuts in margins and high expenses.

The wider financials index fell 0.5 per cent.

In New Zealand, the benchmark NZX 50 index fell 0.5 per cent to 13,030.31 points, with NZ-listed shares of Westpac Banking falling 6.3 per cent.

REUTERS