Nov 10 (Reuters) – Australian shares climbed on Monday, with stronger underlying prices driving gains in resources stocks, while lender ANZ Group recouped from early losses despite posting a drop in its annual cash profit.
The S&P/ASX 200 index was up 0.3% at 8,799.50, as of 2321 GMT. The benchmark ended 0.7% lower on Friday.
Speaking at a UBS conference in Sydney on Monday, Reserve Bank of Australia Deputy Governor Andrew Hauser said the country’s monetary policy is facing an unusual challenge and stressed the need to keep policy tight to curb inflation, which is now projected to remain above target until mid-2026.
On the bourse, Australian miners rose nearly 1% after copper prices strengthened in the previous session, supported by a weaker U.S. dollar.
Iron ore miner Rio Tinto gained 0.3% and lithium miner Pilbara Minerals added 4.8%.
Energy stocks lent further support to the benchmark, with a 0.8% jump, after global oil prices gained some ground on Friday.
Energy giant Woodside Energy rose nearly 1% earlier in the day, while Santos traded largely flat.
Financials edged 0.4% higher, with two of the “Big Four” banks trading in the green.
ANZ, Australia’s fourth-largest lender by market value, recovered from early losses to inch 0.2% higher even as the company reported a 14% drop in its annual cash earnings.
Analysts at Citi said the “the result will be well-received” and added that the bank’s earnings came in line with its estimates.
Country’s top lender Commonwealth Bank of Australia is scheduled to report its first-quarter results on Tuesday.
Elsewhere on the bourse, technology stocks rose 0.4%, while health stocks lost 0.2%.
Gold stocks gained as much as nearly 2%, hitting their strongest point since October 23, on the back of higher bullion prices.
Utilities added 0.2%, driven by a 2.4% gain in the country’s largest power producer AGL Energy after it sold its 19.9% stake in Tilt Renewables, a clean energy developer, for A$750 million ($487.35 million).
New Zealand’s benchmark S&P/NZX 50 index fell 0.3% to 13,557.39 points.
($1 = 1.5389 Australian dollars) (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips)
