Nov 24 (Reuters) – Australian shares kicked off the week on a strong note on Monday, with banks and miners leading gains as global miner BHP climbed after shelving preliminary tie-up talks with Anglo American, while tech and gold stocks offered additional support.
The S&P/ASX 200 index rose 1.1% to 8,506.4 by 2320 GMT. The benchmark fell 1.6% on Friday.
BHP climbed 1.1% after the world’s biggest listed miner said it had dropped plans for a potential tie-up with Anglo American following initial talks with the London-listed rival’s board.
Peers Rio Tinto and Fortescue advanced 1.8% and 1.4%, respectively, lifting the broader mining sub-index 1% higher.
Financials added 0.9% to hit a one-week high, as the “big four” banks rebounded from a selloff last week, sparked by valuation and earnings concerns.
Macquarie edged up 0.6% after the investment bank tabled a bid to buy all shares in Qube, valuing the logistics firm at A$11.6 billion ($7.49 billion) including debt, sending its stock to a record high.
Tech stocks rose 2.1%, tracking gains in Wall Street peers on Friday on rising Federal Reserve rate-cut bets.
WiseTech Global and Siteminder led gains on the subindex, each adding nearly 3%.
Gold miners rose 1.6%, tracking a rise in bullion prices. Northern Star Resources jumped 2.1%.
Elsewhere, healthcare and real estate sub-indexes gained 1.6% and 1.3%, respectively.
Investors are now on the lookout for the country’s inflation print on Wednesday for fresh clues on the central bank’s cash rate trajectory.
Further south, New Zealand’s benchmark S&P/NZX 50 index was largely flat at 13,404.35.
This week looms large for the Pacific nation as the Reserve Bank of New Zealand is widely tipped to trim rates by another quarter point to 2.25%, when it meets on Wednesday. ($1 = 1.5480 Australian dollars) (Reporting by Kumar Tanishk in Bengaluru; Editing by Rashmi Aich)
