Australian Shares Gain 0.4% as Materials Lift

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Australian Shares Gain 0.4% as Materials Lift

By Oliver Gray - The S&P/ASX 200 added 26.1 points or 0.4% to 7,171.7 after the first hour of Monday’s trade, extending last week’s gain of 1% in its first session since the federal election was decided over the weekend as Anthony Albanese was sworn in as Australia's 31st prime minister.

ASX 200 Futures were pointing 0.6% higher.

Among stocks, Materials outperformed, up 1.4% collectively amid rising Iron ore prices as Rio Tinto Ltd (ASX: RIO ) gained 0.5%, BHP Billiton Ltd (ASX: BHP ) lifted 1.2%, Fortescue Metals Group Ltd (ASX: FMG ) gained 3.3%, Champion Iron Ltd (ASX: CIA ) added 1.1%, Pilbara Minerals Ltd (ASX: PLS ) climbed 0.7% and Core Lithium Ltd (ASX: CXO ) added 1.9%.

Consumer Discretionary added 0.7% overall with Domino's Pizza Enterprises Ltd (ASX: DMP ) up 0.9%, Aristocrat Leisure Ltd (ASX: ALL ) gaining 1.5% and Wesfarmers Ltd (ASX: WES ) adding 0.5%.

Energy lifted 0.9% with Woodside Petroleum Ltd (ASX: WPL ) lifting 0.8%, Santos Ltd (ASX: STO ) up 0.5%, and Viva Energy Group Ltd (ASX: VEA ) adding 0.4%

On the bond markets, Australia 10-Year yields were at 3.281% while United States 10-Year rates were at 2.808%.

In New Zealand, the NZX 50 added 0.9% to 11,367.6.

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