[BENGALURU] Australian shares rose on Monday, as mining stocks tracked gains in iron ore prices after Brazil's Vale said it would cut output, although broader gains were capped by a lacklustre performance in the financial sector. Read more at The Business Times.
[BENGALURU] Australian shares rose on Monday, as mining stocks tracked gains in iron ore prices after Brazil's Vale said it would cut output, although broader gains were capped by a lacklustre performance in the financial sector.
The S&P/ASX 200 index closed 0.25 per cent, or 15.3 points, higher at 6,190.5. The benchmark was little changed on Friday. Gold miners also advanced, with Newcrest Mining Ltd firming 0.9 per cent and St Barbara Ltd putting on 0.7 per cent. "The appeal of the Australian financial sector continues to diminish on the back of the recent Royal Commission report, and the relative attractiveness of our resources is seeing cash flow from financials into resource companies," said James McGlew, executive director of corporate stockbroking at Argonaut.
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