By Oliver Gray
Investing.com - The S&P/ASX 200 added 17.6 points or 0.2% to 7,319.1 after the first 105 minutes of Monday’s trade, extending gains for the 3rd consecutive week and trading near 7-month highs as higher iron ore prices drove gains among major mining companies, while lower bond yields boosted the rate sensitive Real estate sector.
ASX 200 Futures were pointing 0.1% higher.
Among stocks, Materials added 1.5% collectively, with Rio Tinto Ltd (ASX:RIO) up 2.4%, BHP Group Ltd (ASX:BHP) adding 2.6%, Fortescue Metals Group Ltd (ASX:FMG) gaining 5.5% and Champion Iron Ltd (ASX:CIA) up 3.4%.
Real estate lifted 0.7% overall, with Goodman Group (ASX:GMG) up 1.8%, Charter Hall Group (ASX:CHC) adding 0.9%, Stockland Corporation Ltd (ASX:SGP) up 1.7% and Scentre Group Ltd (ASX:SCG) lifting 1.2%.
In company news, Metcash Ltd (ASX:MTS) was down 0.5% after earnings results came in above expectations.
Ahead in the week, investors will be monitoring the RBA’s December meeting on Tuesday, amid expectations of a 25 basis point increase in the cash rate. Investors will also be watching gross operating profits, GDP data and October’s trade balance.
On the bond markets, Australia 10-Year rates were at 4-month lows of 3.37% while United States 10-Year yields were at 3.53%
The Australian Dollar is up 0.3% at 0.682, trading near 3-month highs.
In New Zealand, the NZX 50 fell 0.3% to 11,605.6.