ASX Starts the Week 0.6% Higher

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ASX Starts the Week 0.6% Higher
Credit: © Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 added 46.20 points or 0.63% to 7,388.80 in early deals on Monday, Recouping losses of 0.7% in the previous week as energy companies were boosted by rising crude oil prices, while mining heavyweights moved higher on stabilizing iron ore prices.

In coronavirus news, New South Wales tallied 787 cases today as Premier Gladys Berejiklian confirmed the easing of lockdown restrictions on October 11 as vaccination rates move closer toward the state’s targets. Meantime, 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, Oil Search Ltd (ASX: OSH ) added 1.99%, Santos Ltd (ASX: STO ) added 2.12% and Woodside Petroleum Ltd (ASX: WPL ) gained 3.43% as Brent crude oil touched 3-year highs amid a tightening of supplies due to a global energy crunch. Miners also advanced as Rio Tinto Ltd (ASX: RIO ) added 2.37%, BHP Billiton Ltd (ASX: BHP ) gained 1.38% and Fortescue Metals Group Ltd (ASX: FMG ) surged 4.3%.

On the bond markets, local 10-Year bond yields were at 12-week highs of 1.419%, while United States 10-Year bond yields were similarly at 12-week highs of 1.451%.

ASX 200 Futures were 61 points or 0.84% higher.

In New Zealand, the NZX 50 fell 6.22 points or 0.05% to 13253.33.

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