Australian Shares Start the Week Higher

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Australian Shares Start the Week Higher
Credit: © Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 added 0.22% in early trade on Monday, following weekly losses of 1.6% as market participants tracked U.S. benchmark indices lower, while the coronavirus Delta variant continues to hamper a strong economic recovery.

On the coronavirus front, Victoria has recorded 473 new locally acquired Covid-19 cases, the highest increase in infections the state has seen in this outbreak, with 202 linked to known cases. Meantime, New South Wales tallied 1262 cases as vaccination rates continue to surge across the state as health authorities continue to ease restrictions.

Among stocks, Sydney Airport Holdings Ltd (ASX: SYD ) surged 5% after the company recommended that its shareholders accept an A$23.6 billion takeover offer from a group of superannuation fund suitors unless another bidder emerges with a better deal. Meantime, heavyweight mining stocks improved, with Rio Tinto Ltd (ASX: RIO ), BHP Billiton Ltd (ASX: BHP ), Fortescue Metals Group Ltd (ASX: FMG ) lifting 1.27%, 1.26% and 2.68% respectively.

On the data front, traders will be looking ahead to employment figures, Westpac consumer sentiment and NAB business sentiment due to be released later in the week.

In New Zealand, the nz50 was little moved at 16066.69.

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