Australian shares closed higher on Monday, driven by gains in mining and energy stocks as the heavyweight sectors benefited from climbing prices of their respective underlying commodities.[SYDNEY] Australian shares closed higher on Monday, driven by gains in mining and energy stocks as the heavyweight sectors benefited from climbing prices of their respective underlying commodities.
The S&P/ASX 200 index rose 1.03 per cent to 5,460.5 points on Monday. It is down 19.14 per cent so far this year. The subindex for mining stocks ended nearly 5 per cent higher as iron ore prices in top steel producer China hit a record peak, helped by port inventory of the steelmaking raw material dropping to a more than three-year low.
"It's pretty much it between the commodity-driven sectors today, as slow re-openings of markets are somewhat helping shore up prices," said Henry Jennings, senior analyst at Marcustoday Financial. Copper prices also climbed as reopening of some economies boosted hopes of a revival in demand for metals.