Australia Market rises 0.6% on mining, energy boost
At closing bell, the benchmark S&P/ASX200 index was up 41.25 points, or 0.6%, to 6,933.71. The broader All Ordinaries index added 39.89 points, or 0.56%, to 7,129.21.
The top performing stocks in S&P/ASX200 index were CAPRICORN METALS and EVOLUTION MINING, up 10% and 7% respectively. The bottom performing stocks in S&P/ASX200 index were CORONADO GLOBAL and WISETECH GLOBAL, down 7.1% and 5.8% respectively.
US stocks saw significant volatility during trading on Friday before eventually ending the session sharply higher, with a mixed US jobs data report last week raising investor hopes the Federal Reserve could adopt a less aggressive tightening path going forward. The Dow jumped 401.97 points or 1.3% to 32,403.22, the Nasdaq surged 132.31 points or 1.3% to 10,475.25 and the S&P 500 shot up 50.66 points or 1.4% to 3,770.55.
Going forward, investors will be cautious ahead of closely-eyed U.S. consumer price data which is due later this week
Shares of materials companies advanced as iron ore prices climbed on hopes of China reopening from stringent Covid-19 curbs persist. Mining heavyweights BHP Group, Fortescue Metals Group and Rio Tinto all rose between 2% and 5%. Coronado Global Resources fell after it ended talks with Peabody Energy Corp for a potential merger.
Energy stocks gained as crude oil prices climbed higher amid easing concerns about the outlook for energy demand. Santos and Woodside Energy gained 0.5% and 2%, respectively.
Financials bucked the trend, with Westpac Banking Corp down nearly 4% after it reported lower annual profit. Australia and New Zealand Banking Group also lost more than 3%, trading ex-dividend.
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