Australia shares rise on healthcare, energy stocks’ boost
Australian shares rose on Monday, led by healthcare and energy stocks, while positive data from the U.S. last week hinting the Federal Reserve could possibly pause its aggressive interest rate hike campaign also aided sentiment.
The S&P/ASX 200 index rose about 0.5% to 7,348.7 by 0035 GMT. The benchmark closed 0.2% higher on Friday.
Global markets showed positive signs on Friday, after core inflation from the world’s biggest economy was shown to be slowing, even as it remained over the desired level of the Fed.
Investors will now keenly await rate decision from the Reserve Bank of Australia in the coming week to get an idea of the trajectory that the central bank is willing to adopt.
Healthcare stocks led the gains, rising as much as 1.7% in their best day in about two weeks, with index major CSL Ltd trading 1.3% higher.
Energy stocks rose 1.3% aided by elevated Brent Crude prices, with sector majors Woodside Energy and Santos gaining 0.8% and 1.3%, respectively.
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