Gold, IT stocks buoy Aussie shares; traders assess US jobs data

Megaport

08/04/2024 07:51

* 
      U.S. jobs data showed signs of healthy economy
    

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      Beach Energy slumps on raising cost estimates for gas
project
    

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      RBNZ cash rate decision due later this week
    

  
 (Updates to close)
    By Rajasik  Mukherjee
       April 8 (Reuters) - Australian shares ended slightly
higher on Monday, led by gains in information technology and
gold stocks, tracking U.S. peers after strong jobs data put
aside risks of a recession in the world's largest economy.
    The S&P/ASX 200 index  .AXJO  closed 0.2% higher at
7,789.100 after ending 0.6% lower on Friday.
    "The Australian market kicked off the new week with a modest
uptick, buoyed by a tech sector rally of over 1%, mirroring the
performance of its counterparts on Wall Street ahead of the
weekend," said Hebe Chen, market analyst at IG Markets. 
    Globally, market participants digested data from the U.S.
Labor Department which suggested that more workers were hired in
March, but also pointed towards a possibility of the Federal
Reserve delaying rate cuts.
    Investors now await the U.S. consumer price index data, due
later this week, for cues on the Fed's stance on monetary policy
easing.
    In the resource-heavy bourse, bellwether miners  .AXMM  rose
0.5% with mining major Rio Tinto  RIO.AX  gaining 1%. 
    IT stocks  .AXIJ  rose 1.2%, with Wisetech Global  WTC.AX 
and the local shares of Block Inc  SQ.N  gaining 0.8% and 2%,
respectively.
    Gold stocks  .AXGD  climbed 2.7% buoyed by bullion hitting a
fresh record high.  GOL/ 
    Financials  .AXFJ  inched up 0.1%, with the "Big Four" banks
gaining between 0.1% and 0.4%.   
    Energy sector  .AXEJ  fell 1.2% as oil prices dipped after
Israel withdrew more soldiers from southern Gaza and committed
to fresh talks on a potential ceasefire in the six-month
conflict.  O/R  
    Oil and gas explorer Beach Energy  BPT.AX  tumbled 15% after
it raised cost estimates for its Waitsia Stage 2 gas project in
Western Australia.
    New Zealand's benchmark S&P/NZX 50 index  .NZ50  ended the
day 0.3% lower to finish the session at 11,973.5900. 
    Market participants expect the Reserve Bank of New Zealand
to stay pat on interest rates in a meeting later this week, a
Reuters poll showed. 

 (Reporting by Rajasik  Mukherjee; Editing by Eileen Soreng)
 ((Rajasik.Mukherjee@thomsonreuters.com;))
 
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