Australian Shares Start the Week 0.35% Higher

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Australian Shares Start the Week 0.35% Higher
Credit: © Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 22.50 points or 0.30% to 7,428.70 in Monday’s mid-morning deals, trading near fresh 2-month highs following gains of 1.5% in the previous week as higher iron ore prices boosted mining companies while a continued selloff of government bonds hit tech players while buoying financials.

ASX 200 Futures were pointing 0.37% lower.

Among stocks, Materials added 1.2% overall with Rio Tinto Ltd (ASX: RIO ) up 1.81%, BHP Billiton Ltd (ASX: BHP ) adding 1.47%, Fortescue Metals Group Ltd (ASX: FMG ) up 1.84%, Pilbara Minerals Ltd (ASX: PLS ) adding 2.34%, Avz Minerals Ltd (ASX: AVZ ) up 1.32%, Lynas Rare Earths Ltd (ASX: LYC ) gaining 2.5% and European Lithium Ltd (ASX: EUR ) up 3.57%.

Financials moved 0.5% higher collectively as Macquarie Group Ltd (ASX: MQG ) added 0.5%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lifted 0.8%, National Australia Bank Ltd (ASX: NAB ) gained 0.7%, Westpac Banking Corp (ASX: WBC ) added 0.44% and Commonwealth Bank Of Australia (ASX: CBA ) gained 0.7%. Meantime, Zip Co Ltd (ASX: Z1P ) lost 2.53%

Technology was around 1.8% lower with Block Inc (ASX: SQ2 ) falling 3.3%, Appen Ltd (ASX: APX ) down 1%, Megaport Ltd (ASX: MP1 ) falling 1.38%, Novonix Ltd (ASX: NVX ) dipping 1.8%, Altium Ltd (ASX: ALU ) down 1.3%, Xero Ltd (ASX: XRO ) shedding 3.5% and Wisetech Global Ltd (ASX: WTC ) down 3%.

On the bond markets, Australia 10-Year yields eased slightly from fresh 46-month highs of 2.848% while United States 10-Year rates were at 34-month highs of 2.479%.

Ahead in the week, market participants will be looking toward fresh retail sales data due on Tuesday as investors assess the health of consumer spending in the country.

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