By Oliver Gray
Investing.com - The S&P/ASX 200 finished Monday’s session higher, adding 23.40 points or 0.32% to 7,417.30 as market participants digested Chinese GDP figures, while the People’s Bank of China issued its first rate cut since April 2020 in a move to cushion any economic slowdown.
Among stocks, the Consumer Discretionary and Energy sectors both provided support to the market. JB Hi-Fi Ltd (ASX:JBH) added 3.37%, Domino's Pizza Enterprises Ltd (ASX:DMP) adding 3.42%, Aristocrat Leisure Ltd (ASX:ALL) up 2.49% and Wesfarmers Ltd (ASX:WES) gaining 2.56% after releasing its half year results.
Energy stocks also lifted as crude oil prices traded near 7-year highs, with Woodside Petroleum Ltd (ASX:WPL) up 1.69%, Santos Ltd (ASX:STO) adding 1% and Beach Energy Ltd (ASX:BPT) up 3.93%.
Tech names finished the session mixed, with Appen Ltd (ASX:APX) up 0.2%, Novonix Ltd (ASX:NVX) down 1.13%, Brainchip Holdings Ltd (ASX:BRN) down 1.33%, Altium Ltd (ASX:ALU) gaining 1.54%, Wisetech Global Ltd (ASX:WTC) up 3.76% and Technology One Ltd (ASX:TNE) gaining 2.06%.
Financials gained amid higher long term bond yields, as Macquarie Group Ltd (ASX:MQG) added 0.43%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) lifted 1.16%, Commonwealth Bank Of Australia (ASX:CBA) added 0.31%, Westpac Banking Corp (ASX:WBC) gained 0.09% and National Australia Bank Ltd (ASX:NAB) gained 0.24%.
Major mining stocks fell with Rio Tinto Ltd (ASX:RIO), BHP Billiton Ltd (ASX:BHP) and Fortescue Metals Group Ltd (ASX:FMG) down 0.52%, 1.14% and 2.81% respectively. Rare earth miners also retreated as lke dipped 5.97%, mns lost 0.93%, ffx fell 2.03% and avz shed 6.49%.
On the bond markets, Australia 10-Year rates were at 8-week highs of 1.906% while United States 10-Year yields touched fresh 2-year highs of 1.788%.
In New Zealand, the NZX 50 added 0.13% to 12,807.