The Australian sharemarket finished higher on Monday, supported by gains in financials and property stocks as investors took cues from Wall Street and awaited the outcome of key diplomatic meetings between the United States, China, and Australia.
President Donald Trump, who is scheduled to meet with Chinese President Xi Jinping later this week, is also hosting Prime Minister Anthony Albanese at the White House on Monday (Tuesday AEDT).
Albanese is expected to seek Washington’s support for guaranteed pricing arrangements for Australian critical minerals producers to underpin new project viability.
The benchmark S&P/ASX 200 Index climbed 36.60 points, or 0.41%, to 9,031.90, with nine of the eleven sectors closing in positive territory.
Financials led the advance, with Commonwealth Bank adding 2.6%, ANZ up 0.4%, Westpac adding 1.4%, and NAB advancing 1%.
Buy-now-pay-later firm Zip Co surged 4.3% after reporting record underlying cash earnings for the September quarter, driven by robust U.S. transaction growth and higher average spending levels.
A-REITs were also higher, with Goodman Group adding 0.7%, Charter Hall up 1.6%, Mirvac gaining 2.1%, and Scentre Group up 1.5%.
By contrast, Materials weighed on the broader index as investors pared exposure to commodities.
Major gold miners Newmont, Evolution Mining, and Perseus Mining fell 5.7%, 4.9%, and 3.9%, respectively, while profit-taking in critical minerals stocks saw Iluka Resources tumble 6.7% and Mineral Resources dip 0.9%.
Weakness in iron ore prices also dragged on heavyweights, with BHP down 1.1%, while Rio Tinto and Fortescue Metals ticked 0.1% lower apiece.
In corporate news, uranium miner Deep Yellow plunged 18.8% following the sudden departure of chief executive John Borshoff.
Auto parts supplier Bapcor slid 17.7% after issuing a profit downgrade and revealing a $12 million pre-tax earnings hit tied to “unsatisfactory operational practices” in its trade division.
Beach Energy gained 4.1% after reporting an 8% increase in oil production for the quarter.
Plumbing supplies group Reece slipped 2.3% after completing a $365 million off-market buyback at $13 per share.
Gambling operator Tabcorp edged 0.8% lower despite shareholders approving higher remuneration for chief executive Gillon McLachlan.
On the bond markets, yields were mixed, with 10-year government bond rates falling 1.8% to 4.158%, while 2-year yields rose 0.6% to 3.344%.
