AUSTRALIAN shares rose to an all-time-high on Monday, as miners extended gains on fresh stimulus measures announced by top trade partner China and energy stocks jumped on increasing concerns of potential supply disruptions from the Middle East.
The S&P/ASX 200 index rose 0.6 per cent to 8,263.40 by 0045 GMT, with most major sectors trading in the positive territory. The index surpassed the previous life high of 8,246.20 touched earlier this month.
China’s central bank said on Sunday it would tell banks to lower mortgage rates for existing home loans by the end of October to support the country’s beleaguered property market.
This follows a series of monetary, fiscal and liquidity support measures announced last week in China’s biggest stimulus package since the pandemic.
In Australia, investors awaited the August retail sales report, due on Tuesday, for more clues on the central bank’s interest rate outlook.
Last week, the Reserve Bank of Australia kept its cash rate steady while maintaining a hawkish stance.
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Energy stocks rose as much as 2.5 per cent as oil prices inched higher on Middle East supply risks. Sector major Woodside Energy and Santos gained 2.8 per cent and 1.8 per cent, respectively.
Miners climbed 1.8 per cent to their highest in more than three months and were on track for a fifth straight session of gains. Rio Tinto and BHP rose 1.9 per cent and 2.7 per cent, respectively.
Financials rose 0.4 per cent, with the “Big Four” banks up between 0.4 per cent and 0.8 per cent.
Gold stocks declined 2 per cent despite higher bullion prices, with Northern Star Resources and Evolution Mining down 1.6 per cent and 2.1 per cent, respectively.
On Friday, the Dow Jones Industrial Average rose 0.33 per cent, the S&P 500 lost 0.13 per cent, and the Nasdaq Composite lost 0.39 per cent.
In New Zealand, the benchmark S&P/NZX 50 index inched 0.1 per cent higher to 12,471.83.
Fonterra shares rose over 3 per cent to hit a more than three-year high as the dairy firm upgraded its dividend payout policy. REUTERS
