Australian shares rose to their highest levels in two weeks on Monday, led by heavyweight financials and mining stocks, while investors await local inflation data due later in the week for further clues on the central bank’s interest rate trajectory.
The S&P/ASX 200 index was up 0.7% at 7,825.70 points by 0029 GMT.
The benchmark posted a weekly gain of 1.3% on Friday.
Investors are keenly awaiting the consumer price index (CPI) data due on Wednesday after the Reserve Bank of Australia (RBA) stood pat on its interest rates last week and dropped its tightening bias.
Jobs data last week had showed that Australian employment rebounded sharply in February, while the jobless rate dived far below forecasts in a sign the labour market was still tight.
Mining stocks gained as much as 1.3% on Monday, on the back of rising iron ore futures on prospects of improved demand in China.
Fortescue gained as much as 5.2% to touch its highest level since March 8. Shares of Rio Tinto and BHP Group gained as much as 1.4% and 1.1%, respectively.
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Rate-sensitive financial stocks rose as much as 0.8%, their highest level since March 12.
The “Big Four” banks gained between 0.3% and 1.1%. Energy stocks advanced as much as 1.2%. Shares of oil and gas firm Santos climbed up to 1.5% to their highest level since Feb. 7.
Bucking the trend, gold stocks shed as much 1%, with top gold miner Northern Star Resources falling as much as 1.3%.
Technology stocks rose as much as 1.5% to their highest level since Nov. 22, 2021.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index rose 0.7% to 12,056.85 points.
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