Australian shares rose on Monday, lifted by mining stocks, while Labor Party leader Anthony Albanese was sworn in as the country’s 31st prime minister, after nine years of rule by the conservative coalition.
The S&P/ASX 200 index was up 0.3% at 7,165.40 by 0027 GMT, and eyed its second straight day of gains.
In other key markets, Japan’s Nikkei rose 1% to 27,005.85 and S&P E-minis futures were up 1%. Albanese promised a “journey of change” as he vowed to tackle climate change, rising living costs, and inequality.
Australian miners climbed 1.1% and touched a more than two-week high after iron ore prices surged on Friday.
BHP Group, Rio Tinto and Fortescue Metals Group rose between 0.7% and 2.6%.
Incitec Pivot surged as much as 7.5% and was set to log its best day since November 15 after the fertiliser maker said it would spin-off its explosives manufacturing and fertilisers businesses.
Mining, tech stocks lift Australian shares higher
Energy stocks added 0.3%, benefiting from strong oil prices.
Major oil and gas explorers Woodside Petroleum and Santos gained 0.5% and 0.3%, respectively.
Domestic technology stocks were among the biggest laggards on the local bourse, retreating 0.2% as they tracked Wall Street’s weak finish last week. ASX-listed Block tumbled 4.9%, while WiseTech Global declined 0.2%.
Financials shed 0.1%, with Commonwealth Bank of Australia, and Australia and New Zealand Banking Group falling 0.2% and 0.3%, respectively. In New Zealand, the benchmark S&P/NZX 50 index rose 0.5% to 11,327.14.
Comments
Comments are closed.