ASX 200 jumps 0.53% on Monday, finance and mining stocks drives the gain

March 25, 2024 12:31 PM AEDT | By Team Kalkine Media

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ASX 200 jumps 0.53% on Monday, finance and mining stocks drives the gain — Image source: PopTika

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Australian shares surged to their peak levels in a fortnight on Monday, with strong performances from heavyweight financials and mining stocks driving the market. Investors eagerly await the release of local inflation data later in the week, which will provide stance of central bank on interest rates.

The S&P/ASX 200 index climbed by 0.53% to reach 7,811 points (at 12:10pm AEDT). The index had recorded a weekly gain of 1.3% on Friday.

The upcoming release of the consumer price index (CPI) data on Wednesday is particularly anticipated following the Reserve Bank of Australia's (RBA) decision to maintain interest rates last week and abandon its tightening bias.

Last week's employment data revealed a notable rebound in Australian employment figures for February, coupled with a jobless rate that plummeted below forecasts, indicating a persistently tight labor market.

Performance of ASX sectors

Mining stocks experienced significant gains on Monday, surging by as much as 0.45%. This increase was underpinned by the rise in iron ore futures, fueled by optimistic prospects for increased demand in China. Notably, Fortescue (ASX: FMG) soared by 3.61%, while Rio Tinto (ASX: RIO) recorded gains of up to 0.92%.

Financial stocks, sensitive to interest rate movements, climbed by as much as 0.32%, reaching their highest level since March 12. The top four banks of ASX witnessed gains ranging from 0.3% to 1.1%.

Energy stocks also experienced gains of up to 0.47%, with oil and gas company Santos (ASX: STO) surging by up to 0.60% to achieve its highest level since February 7.

Meanwhile, technology stocks rose by as much as 1.51% to reach their peak level since November 22, 2021.

New Zealand's benchmark S&P/NZX 50 index also experienced a positive trend, rising by 0.7% to reach 12,056.85 points.

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