Australia Shares Rise on Commodity Strength
The S&P/ASX 200 Index increased by 0.2% to approximately 8,790, driven by gains in commodity-linked stocks such as Woodside Energy and Lynas Rare Earths. Technology stocks also contributed, with Droneshield rising 8.2%. Despite a 14% drop in annual cash earnings, ANZ Group's shares climbed over 1%. Reserve Bank of Australia Deputy Governor Andrew Hauser highlighted the challenge of maintaining tight monetary policy to control inflation.
The S&P/ASX 200 Index rose 0.2% to around 8,790 on Monday, recouping some losses from last week, with commodity-linked stocks leading the rebound amid stronger underlying prices.
Energy and mining firms were among the top performers, with Woodside Energy up 1.1%, Lynas Rare Earths 4.2%, Mineral Resources 3.9%, and Northern Star Resources 1.2%.
Technology and AI-related names also added support, including Droneshield (8.2%), Zip Co (4.8%), and Wisetech Global (1.6%).
In financials, ANZ Group climbed over 1% despite posting a 14% decline in annual cash earnings.
Meanwhile, Reserve Bank of Australia Deputy Governor Andrew Hauser said monetary policy faces an unusual challenge, emphasizing the need to maintain tight conditions to contain inflation.
