ASX 200 Closes 0.6% Higher

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ASX 200 Closes 0.6% Higher
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 41.60 points or 0.57% to 7,384.20 on Monday, following losses of 0.7% in the previous week as higher long term bond yields gave a boost to financial stocks, while energy companies were lifted by rising crude oil prices.

In coronavirus news, New South Wales tallied 787 cases today as Premier Gladys Berejiklian unveiled a three-stage roadmap out of lockdown as the state races toward the 80% double-dose vaccination milestone before the end of October. Meantime, the ACT recorded 19 fresh cases, while Victoria added 705 cases as health authorities are set to ease some restrictions from tomorrow night when the state reaches its 80% single-dose target.

Among stocks, financial names gained on higher long term bond yields, with Commonwealth Bank Of Australia (ASX: CBA ), National Australia Bank Ltd (ASX: NAB ) and Westpac Banking Corp (ASX: WBC ) gaining 3.14%, 1.24% and 1.07% respectively. Meantime, Oil Search Ltd (ASX: OSH ) added 2.23%, Santos Ltd (ASX: STO ) added 1.97% and Woodside Petroleum Ltd (ASX: WPL ) gained 3.65% as Brent crude oil touched 3-year highs amid a tightening of supplies. Miners also advanced, with Rio Tinto Ltd (ASX: RIO ) adding 1.59%, BHP Billiton Ltd (ASX: BHP ) gaining 0.37% and Fortescue Metals Group Ltd (ASX: FMG ) surging 3.19%.

On the bond markets, Australia 10-Year bond yields were at 12-week highs of 1.416%, while U.S. 10-Year bond yields were similarly at 12-week highs of 1.451%.

In New Zealand, the NZX 50 fell 31.85 points or 0.24% to 13227.7.

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