Australian shares rise on resources, tech boost

 Australian shares rise on resources, tech boost

Aug 1 (Reuters)Australian shares rose on Monday, ahead of a much anticipated central bank decision over a lesser-than-expected rate hike, while miners and technology stocks gained in-tandem with global sentiment.

The S&P/ASX 200 index .AXJO rose 0.4% to 6969.6 by 0028 GMT. The benchmark ended 0.8% higher on Friday.

Economists polled by Reuters anticipated the Reserve Bank of Australia (RBA) to deliver its third consecutive 50 basis point interest rate hike on Tuesday and another one in September, in its fight to contain inflationary pressures.

Among global markets, Japan’s Nikkei .N225 was up 0.07%, while S&P 500 E-minis futures EScv1 were down 0.4%.

Financials .AXFJ emerged as sole losers on the benchmark index, shedding 1% with all of the “Big Four” banks trading in the negative territory.

Domestic technology stocks .AXIJ, jumped more than 1% after tracking gains on Wall Street which rallied on upbeat forecasts from U.S. blue chip companies on Friday. .N

Sector majors Xero Ltd XRO.AX and Computershare Ltd CPU.AX added 0.8% and 0.9%, respectively.

Miners and mining sub-index .AXMM rose 1.4% with heavyweights BHP Group BHP.AX and Rio Tinto RIO.AX gaining 1.2% and 1.3%, respectively.

Gold Stocks .AXGD jumped 1% on stronger bullion prices, with the country’s largest miner Newcrest Mining NCM.AX adding 0.7%.

Energy stocks .AXEJ, too, showed strength after oil prices rose on Friday, with Santos Ltd STO.AX and Woodside Energy Group WDS.AX rising 1% and 0.7%, respectively.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.3% to 11,528.56.

(Reporting by Jaskiran Singh in Bengaluru; Editing by Rashmi Aich)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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