By Oliver Gray
Investing.com - The S&P/ASX 200 moved 24.9 points or 0.33% higher to 7563.3 in early trade on Monday, extending record highs after gains of 1.44% in the previous week as market participants proved optimistic amid strong Q2 corporate earnings reports, while a dip in commodity prices sent miners and energy stocks lower.
In coronavirus news, Victoria record 11 new cases as the state remains in a snap lockdown amid unlinked community transmissions, Queensland reported 5 fresh cases all linked to current outbreaks while New South Wales infections accelerated over the weekend, with 262 cases reported yesterday as the state races to achieve a 60% vaccination rate by the end of August in order to ease the current lockdown restrictions.
Among stocks, Suncorp Group Ltd (ASX:SUN) lifted 5.56% after reporting a rebound in profit and the launch of a share buyback. Meantime, an improving economic recovery pushed gold and silver lower, with Gold Road Resources Ltd (ASX:GOR) falling 7.55%, and Silver Lake Resources Ltd (ASX:SLR) dipping 5.23%. Meanwhile, Rio Tinto Ltd (ASX:RIO), BHP Billiton Ltd (ASX:BHP) and Fortescue Metals Group Ltd (ASX:FMG) lost 1.38%, 0.52% and 1.74% respectively.
Investors will also be keeping a close eye on consumer sentiment and consumer inflation expectations due later in the week.
In New Zealand, the NZX 50 lifted 39.96 points or 0.31% to 12809.96.