News: XIJ Australian shares end higher as miners and financials gain

• Tech, gold stocks emerge as biggest drags
• Mining stocks extend gains to 3rd session
• BHP shares rise 2.3%, hit mid-August high

(Updates to close)

Australian shares rose for a fifth straight session on Monday, helped by gains in miners and financials, as investors gauged the impact of possible interest rate hikes and the lingering Russia-Ukraine crisis.

The S&P/ASX 200 index (xjo) ended 0.08% higher at 7,412.4, hitting its highest since mid-January. The benchmark had closed 0.3% higher on Friday.

Miners .AXMM climbed 1.4% in their third straight session of gains, helped by a jump in iron ore prices on China's decision to boost its short-term fund injection to tackle any tightness in market liquidity.

Sector majors Rio Tinto (RIO) and Fortescue Metals Group (FMG) climbed 1.4% and 0.8%, respectively, while BHP Global (BHP) added 2.3%, hitting its highest since mid-August 2021.

Financials .AXFJ rose 0.6%, supported by gains in the "Big Four" banks. Westpac Banking Corp (WBC) rose 1.2%, hitting its highest in about five months, while National Australia Bank (NAB) added close to 1%, hitting its highest since November 2021.

"The market is rife with speculations that RBA (Reserve Bank of Australia) could lift interest rates by mid-year following a potential rise in consumer prices and wages in the next set of economic data," said Kunal Sawhney, chief executive officer of Kalkine Group.

Expectations of higher rates dulled the appeal of growth-linked stocks, with the technology sub-index .AXIJ shedding 2.7%, hitting its lowest in about 10 days.

Australia-listed shares of Block Inc (SQ2) plunged 3.7%, while accounting software provider Xero Ltd (XRO) lost 5.2%.

Gold stocks .AXGD ended 0.7% lower after gaining more than 1% through the session, marking their first session of fall in three. Bullion prices fell as the U.S. dollar and Treasury yields firmed.

Newcrest Mining (NCM) , Australia's largest gold miner, shed 0.2%, while Evolution Mining (EVN) lost more than 2.4%.

New Zealand's benchmark S&P/NZX 50 index (nz50) ended 1.2% lower at 11,909.7.