Australian shares hit record high as banks and miners gain
Australian stocks hit record highs, driven by banks, miners, and healthcare. S&P/ASX 200 rose 0.9%. BHP, Rio Tinto, Woodside Energy, CSL, and Ramsay Health Care performed well. New Zealand’s S&P/NZX 50 fell 0.1%, awaiting inflation data. Technology stocks like Xero gained. The Reserve Bank of New Zealand held the cash rate but may ease policy.
Australian stocks rose to an all-time high on Monday, helped by gains in index heavyweights and miners, while inched lower ahead of second-quarter due later this week.The S&P/ASX 200 index was up 0.9% at 8,028.1, as of 0031 GMT, after rising to a of 8,031.7 earlier in the session. The benchmark had closed 0.9% higher on Friday.
Rate-sensitive financials climbed 0.9%, extending gains to a fifth session. The "Big Four" banks rose between 0.5% and 1%.
Miners gained 0.7% on the back of improving copper prices. and Rio Tinto rose 0.9% and 0.4%, respectively, ahead of their quarterly production results later in the week.
Energy stocks advanced 0.9%, with Woodside Energy and smaller rival Santos up 1% and 0.6%, respectively.
Healthcare stocks climbed 1.1% to hit the highest level since early January 2022. Biotech giant CSL and Ramsay Health Care rose more than 1% each.
advanced 0.9%, tracking gains in their Wall Street peers on Friday. Xero and WiseTech Global rose 0.5% and 1.3%, respectively.
Across the , New Zealand's benchmark S&P/NZX 50 index fell 0.1% to 12,120.67, with investors awaiting the key consumer price index report due on Wednesday for further monetary policy cues.
Last week, the held the cash rate steady, but opened the door to monetary policy becoming less restrictive over time should inflation slow as expected.
Source: Stocks-Markets-Economic Times
