Australian Shares Start the Week 1.6% Higher

  • Stock Market News
Australian Shares Start the Week 1.6% Higher
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 102.1 points or 1.6% to 6,642 after the first hour of Monday’s trade, retracing last week’s losses of 0.6% amid a broad based relief rally as investors sought to purchase discounted companies.

ASX 200 Futures were trading flat at 6,547.5.

Among stocks, Real Estate companies were among the most improved, up 3.3% collectively. Mirvac Group (ASX: MGR ) gained 2.9%, Charter Hall Group (ASX: CHC ) lifted 3.4%, Goodman Group (ASX: GMG ) added 3.2% and Stockland Corporation Ltd (ASX: SGP ) added 1.6%.

Utilities companies advanced 2.2% collectively, with Origin Energy Ltd (ASX: ORG ) gaining 2.6%, APA Group (ASX: APA ) up 2% and AGL Energy Ltd (ASX: AGL ) gained 2.9%.

Consumer Discretionary added 2.1% overall as JB Hi-Fi Ltd (ASX: JBH ) lifted 3%, Domino's Pizza Enterprises Ltd (ASX: DMP ) gained 1.9%, Aristocrat Leisure Ltd (ASX: ALL ) lifted 2.8% and Wesfarmers Ltd (ASX: WES ) gained 2.2%.

Industrials added 1.4%, with Reece Ltd (ASX: REH ) up 2.5%, Brambles Ltd (ASX: BXB ) lifting 1.3% and Transurban Group (ASX: TCL ) up 0.2%.

Financials were up 1.6% with Macquarie Group Ltd (ASX: MQG ) adding 2%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) up 1.8%, Commonwealth Bank Of Australia (ASX: CBA ) lifting 1.7%, National Australia Bank Ltd (ASX: NAB ) gaining 2.2% and Westpac Banking Corp (ASX: WBC ) up 1.5%.

Materials gained 0.7% as Rio Tinto Ltd (ASX: RIO ) added 1.4%, BHP Billiton Ltd (ASX: BHP ) dipped 0.4%, Fortescue Metals Group Ltd (ASX: FMG ) added 1.8% and Champion Iron Ltd (ASX: CIA ) gained 0.4%.

Ahead in the week, market participants will be keeping a close eye on the Reserve Bank of Australia which is expected to raise interest rates by another 50 basis points to 1.35%, while trade balance , retail sales , building permits , new home loans and business surveys for the service sector are also slated for release.

On the bond markets, Australia 10-Year yields were at 3.49% while United States 10-Year rates were at 2.889%.

In New Zealand, the NZX 50 added 1.2% to 10,878.9.

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