By Oliver Gray
Investing.com - The S&P/ASX 200 added just 5.6 points or 0.07% to 7528.5 on Monday, recovering from earlier losses of 0.9% as investors remained cautious ahead of the Reserve bank of Australia’s interest rate decision tomorrow, while some companies began trading ex-dividend after corporate earnings results last week.
In coronavirus news, New South Wales confirmed 1281 cases today as Premier Gladys Berejiklian noted that health authorities are expecting to reach a peak in cases over the next week, while Victoria reported a yearly high of 246 fresh cases. Meantime, the ACT added 11 cases with 7 infectious while in the community.
Among stocks, miners were generally weaker with Rio Tinto Ltd (ASX:RIO) falling 0.61% and BHP Billiton Ltd (ASX:BHP) slipping 0.38%, while Fortescue Metals Group Ltd (ASX:FMG) fell 10.94% as the firm traded ex-dividend.
Ahead in the week, the Reserve Bank of Australia is set to formalize its asset tapering decision at its monthly meeting on Tuesday, with some analysts expecting policymakers to delay the move amid surging coronavirus infection rates and continued lockdowns.
In New Zealand, the NZX 50 closed slightly higher, adding 8.94 points or 0.07% to a fresh 8-month high of 13300.03.