Australian shares rose on Monday with financial stocks leading gains, likely tracking Wall Street as strong US jobs data suggested a healthy economy even as it indicated a delay in Federal Reserve rate cuts.
The S&P/ASX 200 index rose 0.1% to 7,784.30 points by 0048 GMT.
The benchmark closed 0.6% lower on Friday.
In the US, jobs data showed far more workers were hired in March than expected and wages increased steadily, suggesting a healthy economy even as it indicated delayed Fed rate cuts.
In the local bourse, rate-sensitive financials rose as much as 0.6%, with the “Big Four” banks advancing between 0.4% and 0.7%.
Gold stocks gained as much as 2.4%, hitting their highest level since May 5, 2023. Gold miner Northern Star Resources rose as much as 1.5%, reaching its highest level since Nov. 17, 2020.
Healthcare stocks rose as much as 0.6% while technology stocks advanced as much as 1.6%.
Bucking the trend, energy stocks fell as much as 1.4%, tracking falling oil prices.
Sector majors Woodside Energy and Santos fell as much as 1.5% and 1.3%, respectively.
Mining stocks dropped as much as 0.8%, their lowest level since March 28.
Heavy-weight miners Rio Tinto, BHP Group and Fortescue fell between 0.3% and 1.4%.
Australian shares tick higher as banks gain
In company news, Beach Energy said it expects the first gas production from its Waitsia Stage 2 gas project in early 2025, instead of mid-2024, due to further quality issues.
The oil and gas explorer fell as much as 21.9% to its lowest since Dec. 14, 2023 and was among the top drags on the benchmark.
New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to 11,988.95 points.
Additionally, investors closely monitored the Reserve Bank of New Zealand for hints on interest rate outlook ahead of its monetary policy review meeting on Wednesday.
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