AU Evening Wrap: Australia Shares Rise 0.6% Amid Commodity Strength
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.6% higher at 7863.7, edging closer to a record amid strength in commodity stocks. The ASX 200 traded in positive territory throughout Monday's session following a largely positive lead by U.S. equities at the end of last week.
Energy was the best-performing sector, adding 2.2% amid stronger oil prices. $Woodside Energy Group Ltd (WDS.AU)$ and $Santos Ltd (STO.AU)$ each rose 2.1%, while coal and uranium stocks also gained. Shares of gold, lithium and iron-ore miners helped the materials sector add 1.9%. $Fortescue Ltd (FMG.AU)$, $BHP Group Ltd (BHP.AU)$ and $Rio Tinto Ltd (RIO.AU)$ put on between 1.1% and 2.8%. The ASX 200, which is on a run of four weekly gains, is about 33 points short of its record close of 7896.85, which it set in March.
Top News
Copper Reaches Record High Above $11,000 Amid Supply Shortage Concerns
Copper has hit a new all-time high, continuing its strong rally driven by financial investors who have invested heavily in the market as they anticipate a deepening supply shortage. In early Monday trading, futures on the London Metal Exchange surged over 4%, pushing copper above $11,000 per ton for the first time. The market has seen numerous positive predictions, and BHP Group's attempt to acquire rival Anglo American is largely driven by its copper mines.
Star Entertainment Receives Bid Interest, No Substantive Talks Yet
Australian casino operator $The Star Entertainment Group Ltd (SGR.AU)$ has received interest in potential deals as it works to restore its reputation amid increased regulatory scrutiny. However, the company has stated that the interest is still preliminary, and no substantive talks have taken place as of yet. Star has a market value of AUD 1.29 billion (USD 860 million).
Source: Dow Jones Newswires, AFR, ASX
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