Australia: Shares rally for fifth day as iron ore strength boosts miners

[BENGALURU] Australian shares rose on Monday, led by miners on strong iron ore prices, as investors assessed interest rate hikes and the impact of Russia's invasion of Ukraine, though subdued technology stocks limited gains.

The S&P/ASX 200 index was up 0.4 per cent to 7,431.80 by 2356 GMT, extending its gains to a fifth straight session and hitting its highest level since Jan 18. The benchmark closed 0.3 per cent higher on Friday.

The Australian metals and mining index climbed 1.4 per cent to hit a more than seven-month high, as iron ore futures extended gains for the second straight session and posted their fourth weekly gain on Friday.

Heavyweights Rio Tinto, Fortescue Metals Group and BHP Group rose between 1.3 per cent and 1.9 per cent.

Financials gained 0.5 per cent, with the country's four largest banks advancing between 0.5 per cent and 0.8 per cent.

Energy stocks were marginally up 0.2 per cent, despite oil prices falling on prospects of a drop in fuel demand in China.

Major oil and gas explorer Woodside Petroleum added 0.4 per cent, while Santos was down 0.1 per cent.

Bucking the overall positive trend, the technology index retreated 1.7 per cent in its third consecutive session of losses. ASX-listed shares of Block Inc, WiseTech Global and Xero declined between 2.3 per cent and 3.4 per cent.

Shares of Star Entertainment Group fell as much as 1.9 per cent after the casino operator's chief executive officer Matt Bekier tendered his resignation.

New Zealand's benchmark S&P/NZX 50 index fell 0.1 per cent to 12,038.66. REUTERS