The Australian sharemarket pushed higher on Monday, supported by a rally in the Materials and Utilities sectors.
The S&P/ASX 200 index gained 37.4 points or 0.4% to 8,810.9, extending Friday’s positive momentum, with six of the 11 sectors ending in the green.
Mining companies were the standout, buoyed by an uptick in iron ore, copper, lithium, and gold.
Mining giant Rio Tinto rose 2.6%, while Fortescue Metals advanced 3.2%. BHP added 1%, as gains were capped by reports that China’s state-run iron ore trader had instructed steel mills to temporarily halt purchases of a key BHP product after contract talks stalled.
Gold producers surged as bullion prices neared record highs. Northern Star Resources jumped 8.2%, Evolution Mining climbed 6.3%, and Newmont added 4.7% after securing US$439 million (A$666 million) from the sale of its Orla stake.
Energy and real estate were among the laggards, with Woodside down 1%, and Viva Energy tumbling 8.1% following the unexpected resignation of Jevan Bouzo, chief executive of its convenience and mobility division.
Meanwhile, Goodman Group lost 0.8%, Charter Hall Group fell 1.9%, Mirvac Group lost 0.9% and Scentre Group declined 0.5%.
Among individual companies, plumbing supplies group Reece surged 13.7% after announcing an A$250 million share buyback.
On the bond markets, 10-year and 2-year yields were up 0.6% and 0.5% to 4.28% and 3.4%, respectively.
