Australian Shares Start the Week Mixed, Gold Miners Rise

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Australian Shares Start the Week Mixed, Gold Miners Rise
Credit: © Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 traded mixed around the 7,460 level in Monday’s early trade, as higher precious metal prices boosted gold miners, while reopening optimism and Sydney Airport’s takeover announcement saw airline stocks move higher.

ASX 200 Futures futures were 0.15% lower.

Mining Heavyweights also traded higher despite a dip in iron ore prices on Friday, with Rio Tinto Ltd (ASX: RIO ), BHP Billiton Ltd (ASX: BHP ), and Fortescue Metals Group Ltd (ASX: FMG ) adding 0.98%, 1.5% and 0.77% respectively. Gold miners also gained as prices rose, with Evolution Mining Ltd (ASX: EVN ) adding 5.65% and St Barbara Ltd (ASX: SBM ) moving 6.41% higher. Meantime, Sydney Airport Holdings Ltd (ASX: SYD ) gained 2.55% after announcing that it has accepted an $A32 billion takeover bid. Qantas Airways Ltd (ASX: QAN ) was up 3.38%, Flight Centre Ltd (ASX: FLT ) added 3.5% and Webjet Ltd (ASX: WEB ) added 2.54%. Energy companies also moved higher amid stronger crude oil prices, with Santos Ltd (ASX: STO ) adding 2.05%, Oil Search Ltd (ASX: OSH ) up 1.3%, Woodside Petroleum Ltd (ASX: WPL ) gaining 1.77% and Beach Energy Ltd (ASX: BPT ) up 2.34%.

On the bond markets, Australia 10-Year yields were near 2-week lows of 1.741%, while United States 10-Year rates fell to 5-week lows of 1.455%.

Ahead in the week, market participants will be closely monitoring NAB business confidence , Westpac consumer sentiment as well as employment change data.

In New Zealand, the NZX 50 was up just 0.06% to 13084.

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