Australian Shares Finish 0.7% Higher, Materials Lead Gains

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Australian Shares Finish 0.7% Higher, Materials Lead Gains
Credit: © Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 51.30 points or 0.73% to 7,049.10 during Monday’s trade, slightly recouping losses of 3.1% in the previous week as commodity prices lifted across the board as market participants monitored an evolving situation in Ukraine, with the Russian ruble tumbling 30% to record lows as crippling sanctions were placed on the country’s financial sector.

Among stocks, Materials added 2.99% collectively, with Rio Tinto Ltd (ASX: RIO ) adding 3.17%, BHP Billiton Ltd (ASX: BHP ) lifting 4.41%, Fortescue Metals Group Ltd (ASX: FMG ) shedding 2.42% as it traded ex-dividend, OZ Minerals Ltd (ASX: OZL ) adding 2.37%, Piedmont Lithium Ltd (ASX: PLL ) lifting 1.47% and Lynas Rare Earths Ltd (ASX: LYC ) up 6.9%.

Gold miners also surged as investors fled into the safe-haven metal . Gold Road Resources Ltd (ASX: GOR ) added 5.5%, St Barbara Ltd (ASX: SBM ) gained 3.5%, Newcrest Mining Ltd (ASX: NCM ) lifted 3.42%, Northern Star Resources Ltd (ASX: NST ) added 3.1%, Perseus Mining Ltd (ASX: PRU ) climbed 4.89% and Evolution Mining Ltd (ASX: EVN ) added 1.91%.

Energy stocks also added 1.35% overall, with Woodside Petroleum Ltd (ASX: WPL ) up 2.11%, Santos Ltd (ASX: STO ) adding 1.54%, Beach Energy Ltd (ASX: BPT ) climbing 1.33% and Viva Energy Group Ltd (ASX: VEA ) up 1.67%.

On the bond markets, Australia 10-Year yields were at 2.136% while United States 10-Year rates were at 1.897%.

In new Zealand the NZX 50 finished 0.46% higher at 11,978.

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