Australian shares end higher as banks shine, gold miners fall

Bapcor

20/10/2025 06:29

Banks gain 1.5%

Gold stocks fall 4.2% on profit taking

China's Q3 GDP growth slows

Updates to close

By Rajasik Mukherjee and Atharva Singh

Oct 20 (Reuters) - Australian shares closed modestly higher on Monday, lifted by financials as investors sought refuge in bank stocks, while profit-taking in miners and gold producers capped broader gains.

The S&P/ASX 200 index .AXJO, which was trading flat for the majority of the session, ended 0.4% higher at 9,031.90 points. The benchmark closed 0.8% lower on Friday.

Financials .AXFJ rose 1.5%, as investors took a temporary refuge in the heavyweight sub-index.

"Financial stocks have exhibited a solid track record this year of generating bumper profits, so it’s no surprise to see this sector experiencing strong buying flows today," said Tim Waterer, chief market analyst at KCM Trade Global.

On the other hand, gold stocks .AXGD plunged as much as 5.5%, logging their worst intraday percentage drop since July 9.

Hayden Bairstow, managing director, head of research at Argonaut, said some profit taking likely led to the slump in gold stocks.

"However we remain constructive on gold and see upside from current levels," added Hayden.

The sector has risen over 11% in October as of its previous session.

Gold miner Evolution Mining EVN.AX fell 4.9% and Northern Star Resources NST.AX ended 3.6% lower.

Mining stocks fell as much as 2.4% on the back of lower copper and gold prices while weak economic data from Australia's top trading partner, China, further soured the sentiment.

Mining giant BHP Group BHP.AX lost 1.1% and South32 S32.AX fell 3.1%.

Among other sectors, energy stocks .AXEJ ended 0.4% higher and technology stocks rose 0.9%, in tandem with their U.S. peers.

Both real estate .AXRE and industrials .AXNJ added nearly 1% each.

New Zealand's benchmark S&P/NZX 50 index .NZ50 gained 0.4% to end at 13,344.96 points.

 (Reporting by Rajasik Mukherjee & Atharva Singh in Bengaluru; Editing by Nivedita Bhattacharjee)

 ((Rajasik.Mukherjee@thomsonreuters.com; Atharva.singh@thomsonreuters.com))