By Oliver Gray
Investing.com - The S&P/ASX 200 added 85.80 points or 1.21% to 7,149.40 during Monday’s trade, as rising long term bond yields boosted bankers, while Materials declined amid cooling commodity prices.
The Financials and Health Care sectors led the gains, up 2.35% and 1.86% respectively. Macquarie Group Ltd (ASX:MQG) added 2.56%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) gained 2.82%, National Australia Bank Ltd (ASX:NAB) added 1.47%, Westpac Banking Corp (ASX:WBC) lifted 2.47% and Commonwealth Bank Of Australia (ASX:CBA) climbed 2.64%.
CSL Ltd (ASX:CSL) added 2.63%, Fisher & Paykel Healthcare Ltd (ASX:FPH) gained 0.4%, Sonic Healthcare Ltd (ASX:SHL) added 1.3%, Ramsay Health Care Ltd (ASX:RHC) gained 1.63%, Pro Medicus Ltd (ASX:PME) lifted 2.71% and Cochlear Ltd (ASX:COH) gained 2.03%.
Energy finished 0.29% higher, with Woodside Petroleum Ltd (ASX:WPL) down 0.19%, Santos Ltd (ASX:STO) falling 0.26%, Beach Energy Ltd (ASX:BPT) up 0.31% and Viva Energy Group Ltd (ASX:VEA) adding 2.17%. Meantime, Whitehaven Coal Ltd (ASX:WHC) gained 1.98% to trade near fresh three-year highs.
Elders Ltd (ASX:ELD) also surged 11% after flagging an expected 20-30% rise in pre-tax earnings for its current 2022 financial year, versus previous year’s performance.
On the bond markets, Australia 10-Year yields were at fresh 39-month highs of 2.446% while United States 10-Year rates were near 32-month highs of 2.044%.
Ahead in the week, investors will be focused on the Reserve Bank of Australia’s notes from its latest meeting on Tuesday, while Federal Reserve officials are widely expected to hike interest rates in its latest policy decision on Thursday.
In New Zealand, the NZX 50 was down 0.19% to 11,805.