Australia: Shares rise on Monday on resources, tech boost

AUSTRALIAN shares rose on Monday, ahead of a much anticipated central bank decision over a lesser-than-expected rate hike, while miners and technology stocks gained in-tandem with global sentiment.

The S&P/ASX 200 index rose 0.4 per cent to 6969.6 by 0028 GMT. The benchmark ended 0.8 per cent higher on Friday.

Economists polled by Reuters anticipated the Reserve Bank of Australia (RBA) to deliver its third consecutive 50 basis point interest rate hike on Tuesday and another one in September, in its fight to contain inflationary pressures.

Among global markets, Japan’s Nikkei was up 0.07 per cent, while S&P 500 E-minis futures were down 0.4 per cent.

Financials emerged as sole losers on the benchmark index, shedding 1 per cent with all of the “Big Four” banks trading in the negative territory.

Domestic technology stocks, jumped more than 1 per cent after tracking gains on Wall Street which rallied on upbeat forecasts from US blue chip companies on Friday.

Sector majors Xero and Computershare added 0.8 per cent and 0.9 per cent, respectively.

Miners and mining sub-index rose 1.4 per cent with heavyweights BHP Group and Rio Tinto gaining 1.2 per cent and 1.3 per cent, respectively.

Gold Stocks jumped 1 per cent on stronger bullion prices, with the country’s largest miner Newcrest Mining adding 0.7 per cent.

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Australia: Shares end higher as sharp rate-hike fears ebb

Energy stocks, too, showed strength after oil prices rose on Friday, with Santos and Woodside Energy Group rising 1 per cent and 0.7 per cent, respectively.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.3 per cent to 11,528.56. REUTERS