- Travel stocks advance
- Investors await RBA meeting on Tuesday
- Westpac down 7.4%
(Updates to close)
Australian shares ended higher on Monday as travel and tourism stocks rose on the back of easing international border curbs, and tech stocks tracked Wall Street higher, although disappointing earnings from lender Westpac limited gains.
The benchmark S&P/ASX 200 index (xjo) closed 0.6% higher to 7,370.8 points. It had closed 1.4% lower on Friday.
Investors now look to the Reserve Bank of Australia's (RBA) crucial meeting on Tuesday after it skipped a chance to buy its 2024 yield target bond last week and fuelled worries of sooner-than-expected rate hikes.
"Tomorrow's RBA meeting is probably going to be a highlight this week," Steven Daghlian, a market analyst at CommSec said.
"It could be an opportunity for RBA officials to provide a little bit more guidance and change some of what they've been flagging as likely timings."
Qantas Airways (QAN) and travel booking firm Webjet (WEB) climbed nearly 3% and 2%, respectively, as Australia allowed some of its vaccinated public to travel freely after more than 18 months.
Tech stocks .AXIJ tracked a jump in the U.S. peers to be the top gainers on ASX 200, finishing 1.8% higher, with WiseTech Global Ltd (WTC) adding 5.5%.
The energy index .AXEJ shrugged off weak oil prices to gain 1.2%, with Oil Search Ltd (OSH) and its merger partner Santos Ltd (STO) leading advances.
Miners .AXMM were largely unchanged as iron ore continued to drag, with index major BHP Group (BHP) shedding 0.5%.
Shares of Westpac Banking Corp (WBC) , the country's No.3 lender, plunged 7.4% to be the top loser on the bank index after it revealed big cuts in margins and high expenses.
The wider financials index .AXFJ fell 0.5%. In New Zealand, the benchmark NZX 50 index (nz50) fell 0.5% to 13,030.31 points, with NZ-listed shares of Westpac Banking Corp (WBC) falling 6.3%.
($1 = 1.3330 Australian dollars)
