Australian shares edged higher on Monday, kept afloat by gold stocks after bullion surged on revived US rate-cut bets, while bank stocks eased after last week’s stellar performance on strong earnings.
The S&P/ASX 200 index climbed 0.2% to 8.937.20 by 2337 GMT.
The benchmark dropped 1.4% on Friday. Gold stocks jumped 2.2%, after rising 6.9% last week.
Bullion prices surged on Friday after a weaker-than-expected US inflation data reignited hopes for the Federal Reserve’s interest rate cut bets this year.
Northern Star Resources rose 2.6%, while peer Evolution Mining is up 1.3%.
Financials lost 0.5%, dragged down by all ‘big four’ banks. The sub-index surged 5.4% last week to clock its best week since mid-March 2022, fuelled by strong earnings from lenders ANZ and Commonwealth Bank of Australia.
ANZ lost 2.5%, after hitting a record high last week on strong first-quarter profit. Peer National Australia Bank lost 1%.
Bendigo and Adelaide Bank lost 3.3% after briefly touching a three-month high.
The lender posted a 3.3% drop in its first-half cash earnings after tax.
JB Hi-Fi surged 1.3%, after posting a 7.1% jump in its first-half profit.
The electronics retailer helped support the discretionary sub-index, which is up 1.3%.
Aurizon Holdings rose 7.5% after briefly touching its highest level since late-April 2024.
The rail freight operator extended its buyback by A$100 million ($70.70 million) while posting a stronger profit.
Qube Holdings surged 3.7% after touching a record high on agreeing to a $8.3 billion buyout offer from a consortium led by Macquarie Asset Management (MAM).
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index slipped 0.1%.
Losses were limited by a2 Milk’s 8% surge, after the dairy producer hiked its full-year forecasts and beat profit estimates.
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