By Oliver Gray
Investing.com - The S&P/ASX 200 added 16.2 points or 0.22% to 7504.5 during Monday’s trade, extending gains of 0.34% last week amid a strong performance from miners, energy companies and gold-prospectors as commodity prices lifted after US Fed Chair Jerome Powell’s remarks at the Jackson Hole Symposium pushed the U.S. dollar lower.
On the coronavirus front, New South Wales tallied a record 1290 cases today as health authorities moved to lockdown the entire prison system after an outbreak at the private Parklea jail. Victoria recorded 73 cases as Premier Daniel Andrews confirmed an indefinite extension of current lockdown restrictions. The ACT also reported 13 cases with at least 6 infectious in the community.
Meantime, corporate earnings results continue to roll in with Altium Ltd (ASX:ALU) plummeting 14.48% to 2-month lows after reporting its full year results, while Nuix Ltd (ASX:NXL) lost 10.45% after reporting earnings results that barely matched the previous year’s revenue. In contrast, Invocare Ltd (ASX:IVC) surged 8.41% after results, and Betmakers Technology Group Ltd (ASX:BET) lifted 8.93% after reporting earnings. Mining stocks closed higher as Rio Tinto Ltd (ASX:RIO) lifted 3.56%, BHP Billiton Ltd (ASX:BHP) added 2.73% while Fortescue Metals Group Ltd (ASX:FMG) surged 6.55% after reporting better than expected earnings and doubling its final dividend.
Among data, market participants will be looking ahead to Australia’s second-quarter GDP release later in the week, trade balance data as well as manufacturing and construction PMIs.
In New Zealand, the NZX 50 moved 120.79 points or 0.92% higher to 13180.58.