By Oliver Gray
Investing.com - The S&P/ASX 200 added 41.7 points or 0.6% to 7,153.8 during Monday’s trade, extending gains of 1% in the previous week and trading at multi-week highs as investors proved optimistic on the prospect of less aggressive rate hikes from Federal Reserve officials following last week’s weakening economic data.
Among stocks, Materials added 1% overall as Rio Tinto Ltd (ASX:RIO) eased 0.7%, BHP Group Ltd (ASX:BHP) added 1%, Champion Iron Ltd (ASX:CIA) shed 4.8% and Pilbara Minerals Ltd (ASX:PLS) fell 0.8%.
Gold miners were also boosted as spot prices lifted 0.6% to 8-month highs. Newcrest Mining Ltd (ASX:NCM) gained 2.8%, Northern Star Resources Ltd (ASX:NST) added 1.7%, Chalice Gold Mines Ltd (ASX:CHN) lifted 1.5% and St Barbara Ltd (ASX:SBM) gained 0.6%.
Meantime, Core Lithium Ltd (ASX:CXO) fell 0.4% announcing the relocation of its head office to Perth, while Fortescue Metals Group Ltd (ASX:FMG) declined 0.8% after announcing the resignation of CFO Ian Wells.
Energy added 1.4% amid recovering oil prices as China’s economy continues its reopening. Woodside Energy Ltd (ASX:WDS) added 1.2%, Beach Energy Ltd (ASX:BPT) lifted 1.6%, Santos Ltd (ASX:STO) lifted 1.3% and Viva Energy Group Ltd (ASX:VEA) gained 2.1%.
On the bond markets, Australia 10-Year rates were at 3.729% and United States 10-Year yields were at 3.56%.
In New Zealand, the NZX 50 added 0.2% to 11,646.5.