Australian shares end at nearly two-week closing high on banks, miners boost

Westpac Banking

12/10/2026 07:11

Benchmark ends at highest closing level since Sept 30
Financials, miners gain 1.6% each
RBA minutes from September meeting due Tuesday
Telecom firms drop on SpaceX acquisition
Updates to market close
By Nichiket  Sunil and Shravya Marakini
Oct 12 (Reuters) - Australian shares rose to end at their highest closing level in nearly two weeks on Monday, led by top banks on stronger risk appetite and mining stocks on the back of robust commodity prices.
The S&P/ASX 200 index .AXJO rose 0.8% to 8,783.20 points at the close of trade, its highest closing level since September 30. The benchmark climbed 0.6% on Friday.
The financials sub-index .AXFJ, constituting the country's largest banks, ended 1.6% higher. Westpac WBC.AX led by percentage gains with a 2.7% surge, while National Australia Bank NAB.AX and ANZ ANZ.AX added 2.3% and 2%, respectively.
Citi analysts point out that while worries persist about higher interest rates, a housing downturn, and competition, resilience among Australian households remains solid, leaving asset quality 'benign'.
Investors await the minutes from the Reserve Bank of Australia's September meeting, due later this week, for clues on whether the central bank may tighten policy further after four rate hikes this year, as households continue to struggle with elevated living costs.
The mining sub-index .AXMM, whose constituents include some of the world's largest miners, broke a three-session losing streak as copper prices rose on supply risks and optimism over demand.
Top miner BHP BHP.AX ended the day 2.5% higher and Rio Tinto RIO.AX gained 1.6%.

        Gold stocks .AXGD finished the session 0.8% higher, as bullion prices gained on a softer US dollar. GOL/
Real estate firm Maas Group MGH.AX extended losses on Monday, plunging over 15% to its lowest level since May last year after Firmus, in which Maas has a stake, scrapped its $5 billion IPO plan last week. Maas lost over 30% last week. 
Telecom companies slid, tracking global peers after SpaceX's acquisition of low-band spectrum raised competition fears. Telstra TLS.AX slid 2.5% and TPG Telecom TPG.AX dropped 4.9%. 
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.6% to finish the session at 13,827.62 points. 

 (Reporting by Nichiket Sunil and Shravya Marakini in Bengaluru; Editing by Janane Venkatraman)
 ((Nichiket.Sunil@thomsonreuters.com; shravya.marakini@thomsonreuters.com))
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