Australian shares rose on Monday after four consecutive sessions of losses, with financials and miners leading the rebound, while Lendlease jumped on plans to exit overseas construction business and undertake a phased share buyback.
The S&P/ASX 200 index climbed 0.6% to 7,776 by 0100 GMT after shedding 1.1% last week.
Market participants are now awaiting April inflation data due out on Wednesday for hints on the interest rate trajectory, after minutes of the central bank’s May meeting flagged higher inflation risks.
Shares of Lendlease Group climbed as much as 9.9% to top the benchmark stock index and were on track for their best day in more than four years.
The property and investment firm said it would recycle A$4.5 billion ($2.98 billion) of capital by exiting its overseas business, and undertake a A$500 million phased share buyback plan, in a bid to reorganise its structure and cut costs.
Financials rose 0.8%, with all the “Big Four” banks trading in positive territory.
Australian shares hit record high; RBA cautious on inflation
Commonwealth Bank of Australia, the country’s top lender, advanced 1% after three straight sessions of losses. Mining stocks inched 0.4% higher. BHP Group rose 0.5%, while Rio Tinto and Fortescue shed 0.7% and 0.5%, respectively.
Tech stocks gained 0.7%, tracking their Wall Street counterparts.
Gold stocks rose 1.1% after four straight session of losses.
Northern Star Resources gained 1.9%, while Evolution Mining added 2.4%.
Meanwhile, energy stocks slipped for a fourth straight session. Sector majors Woodside Energy lost 0.5%, while Santos gained 0.4%.
New Zealand’s benchmark S&P/NZX 50 index fell 0.4%, or 42.14 points, to 11,741.25.
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