Australia: Shares rise on resources boost; key economic data in focus
AUSTRALIAN shares on Monday jumped to their highest level in more than a week, as higher commodity prices lifted miners and energy stocks, with investors eyeing key data due this week.
The S&P/ASX 200 index rose nearly 1 per cent by 0019 GMT.
The US consumer prices report is due on Tuesday, while Australian employment data is set to be released later this week – readings that could help investors gauge rate hike paths by Australian and US central banks.
Domestic miners led the gains, rising 2.1 per cent, as iron ore futures soared. BHP and Rio Tinto advanced 2.8 per cent and 1.3 per cent, respectively. Financials added 0.8 per cent and the so called “Big Four” banks rose 0.5 to 1.1 per cent.
Westpac climbed 0.5 per cent as it joined other three “Big Four” peers in raising its variable home loan interest rates by 50 basis points per annum, passing on the central bank’s rate hike in full to its customers.
Local energy stocks added 1.2 per cent, with oil and gas major Woodside Energy and Santos gaining 2 per cent and 0.1 per cent, respectively.
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Technology stocks rose 1.4 per cent, tracking a rally in its Wall Street peers.
ASX-listed shares of Block Inc soared 4.5 per cent.
Meanwhile, strong bullion prices led gold stocks to advance 0.7 per cent. Australia’s largest gold miner Newcrest Mining added 0.5 per cent.
In New Zealand, the benchmark S&P/NZX 50 index climbed 0.3 per cent to 11,796.79 points. REUTERS
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