Australian shares traded flat on Monday, as banks’ losses offset the gains in mining and tech stocks, led by WiseTech Global’s jump to a more than three-month high on its biggest deal to take over a US-based cloud computing firm.
The S&P/ASX 200 index was largely unchanged at 8,354.9 points by 0033 GMT. The benchmark had closed at 8,360.9 points on Friday.
Tech stocks rose 1.4% to their highest since February 24, buoyed by software firm WiseTech Global’s 4.5% rise after announcing a $2 billion deal to buy out E2open.
Steeper copper prices pushed miners 0.4% higher.
BHP and Fortescue climbed 0.4% and 0.7%, while Rio Tinto was flat. Financials fell 0.2%, with the “Big Four” banks shedding between 0.2% and 0.6%.
Gold stocks advanced 1.2% to a more than one-month high as bullion soared after US President Donald Trump’s renewed tariff threats.
Evolution Mining and Northern Star Resources added 0.8% and 2.2%, respectively.
Energy stocks gained 0.8%, tracking a rise in oil prices after Trump extended the deadline for trade talks with the European Union, easing concerns about US tariffs on the bloc that could hurt the global economy and fuel demand.
Australian shares rise on the back of banks, energy stocks
Traders are awaiting the local inflation data for April later this week to reinforce expectations of further interest rate cuts from the Reserve Bank of Australia (RBA) this year after last week’s quarter-point trim.
Swaps now imply a 60% probability for another cut in July, while a reduction in August has been more than fully priced in.
Rates are more likely to bottom at 3.1% rather than 3.35%.
New Zealand’s benchmark S&P/NZX 50 index fell 0.3% to 12,558.25 points.
The Reserve Bank of New Zealand is widely anticipated to lower the cash rate by 25 basis points at its next meeting on Wednesday, a Reuters poll showed.
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