By Oliver Gray
Investing.com - The S&P/ASX 200 recouped early losses to close higher on Monday, adding 11.90 points or 0.16% to 7,233.60 as news of a meeting between U.S. President Joe Biden and Russian President Vladimir Putin assuaged investor fears, while several reporting companies lifted sentiment after posting better than expected results.
Among stocks, Utilities were lifted 3.8% collectively as AGL Energy Ltd (ASX:AGL) jumped 10.6% after rejecting a bid from a consortium led by Brookfield along with Mike Cannon-Brookes’ Grok Ventures.
Consumer Staples lifted 2.32% with A2 Milk Company Ltd (ASX:A2M) adding 11.13%, with the company expecting a return to sales growth this year. Endeavour Group Ltd (ASX:EDV) also rose 10.29% after delivering first half profits that beat analysts’ expectations.
Meantime, Technology lost 2.75%. Zip Co Ltd (ASX:Z1P) dropped 7.8% after flagging larger-than-expected cash losses for the half, while Altium Ltd (ASX:ALU) tumbled 7.63% after reporting results.
Financials finished 0.62% higher, with Australia and New Zealand Banking Group Ltd (ASX:ANZ) up 0.07%, National Australia Bank Ltd (ASX:NAB) adding 0.56%, Westpac Banking Corp (ASX:WBC) lifting 1.36% and Commonwealth Bank Of Australia (ASX:CBA) gaining 0.35%.
Materials finished the session just 0.16% higher, with Rio Tinto Ltd (ASX:RIO) up 0.8%, BHP Billiton Ltd (ASX:BHP) adding 0.58% and Fortescue Metals Group Ltd (ASX:FMG) down 1.21%.
On the bond markets, Australia 10-Year rates were near fresh 3-year highs of 2.213% while United States 10-Year yields held around 1.934%.
In New Zealand, the NZX 50 added 0.12% to 12,156.