Australian Shares Start the Week 1% Higher

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Australian Shares Start the Week 1% Higher

By Oliver Gray - The S&P/ASX 200 added 73.1 points or 1% to 7,146.4 in after the first hour of Monday’s trade, following losses of 1.9% last week and lifting from 4-month lows as market participants attempted to recover from last week’s selloff.

ASX 200 Futures were pointing 0.4% higher.

Among stocks, the Information Technology sector posted the largest gains, up 3.8% as Block Inc (ASX: SQ2 ) lifted 6%, Appen Ltd (ASX: APX ) gained 5.3%, Megaport Ltd (ASX: MP1 ) lifted 3.9%, Xero Ltd (ASX: XRO ) added 4.8%, Brainchip Holdings Ltd (ASX: BRN ) gained 5.4% and Novonix Ltd (ASX: NVX ) lifted 6.3%.

Industrials added 2.9% collectively, as Brambles Ltd (ASX: BXB ) surged 12.5% on news it received a takeover approach from CVC Capital Partners.  Auckland International Airport Ltd (ASX: AIA ) added 1.8%, Reece Ltd (ASX: REH ) lifted 0.8% and Transurban Group (ASX: TCL ) added 1.9%.

Energy gained 1% amid optimism over an easing of lockdown restrictions in China. Woodside Petroleum Ltd (ASX: WPL ) lifted 1.1%, Santos Ltd (ASX: STO ) gained 0.6%, Beach Energy Ltd (ASX: BPT ) lifted 1.5% and Viva Energy Group Ltd (ASX: VEA ) added 0.2%.

Financials lifted 0.9% overall with Australia and New Zealand Banking Group Ltd (ASX: ANZ ) up 0.3%, National Australia Bank Ltd (ASX: NAB ) lifting 0.9%, Westpac Banking Corp (ASX: WBC ) up 1.2% and Commonwealth Bank Of Australia (ASX: CBA ) gaining 1% while Macquarie Group Ltd (ASX: MQG ) dipped 0.6%.

On the bond markets, Australia 10-Year rates were at 3.383% while United States 10-Year yields were at 2.949%.

In New Zealand, the NZX 50 added 0.8% to 11,261.

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