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% by 0019 GMT.
The U.S 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%, as iron ore futures soared. BHP and Rio Tinto advanced 2.8% and 1.3%, respectively. Financials added 0.8% and the so called “Big Four” banks rose 0.5%-1.1%.
Westpac climbed 0.5% 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.
Australian shares rise on resources boost; NZ’s Fonterra jumps over 2%
Local energy stocks added 1.2%, with oil and gas major Woodside Energy and Santos gaining 2% and 0.1%, respectively.
Technology stocks rose 1.4%, tracking a rally in its Wall Street peers. ASX-listed shares of Block Inc soared 4.5%.
Meanwhile, strong bullion prices led gold stocks to advance 0.7%.
Australia’s largest gold miner Newcrest Mining added 0.5%. In New Zealand, the benchmark S&P/NZX 50 index climbed 0.3% to 11,796.79 points.
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