SYDNEY, AAP – Shares were at their highest level of the day on the Australian market as miners and energy providers started the week strongly.
The market was up 0.3 per cent on Monday as the two commodity categories each gained about 1.5 per cent by 1200 AEST.
Fortescue and Rio Tinto gained more than two per cent, while BHP was up by more than one per cent.
In energy, Santos was up 2.31 per cent following confirmation of its merger deal with Oil Search last week.
The benchmark S&P/ASX200 index was higher by 22.9 points, or 0.30 per cent, to 7429.5.
The All Ordinaries was up by 23.6 points, or 0.30 per cent, to 7729.8.
The ASX has so far defied the US lead from Friday, when all three main indices closed lower.
Investors will be keen to this week see US consumer inflation figures for August.
Wholesale inflation data published late last week showed prices climbed 8.3 per cent from August 2020.
This was the biggest annual gain since the 12-month number started being calculated in 2010.
Federal Reserve policymakers have said they believe inflation this year would be temporary and is a result of the economy recovering from the pandemic.
However, persistently high inflation could force the Fed’s hand to start pulling back on bond-buying and low interest rates sooner than anticipated.
In Australia, Sydney Airport Corporation is closer to a decision on a takeover offer, letting an investor group examine its books after it raised its bid.
A group of superannuation companies has made a third bid for the airport of $8.75 per stapled security ($23.6 billion), up from a previous bid of $8.45 bid per security.
Securities were higher by 4.75 per cent to $8.38.
Also in travel, the competition watchdog has ruled a Qantas plan to co-ordinate flights with Japan Airlines is not in the public interest.
The airlines proposed co-operating on flights between Sydney, Melbourne and Tokyo as they struggle amid the pandemic.
Qantas shares were down 0.93 per cent to $5.27.
Data analytics software vendor Nuix will buy all the shares in US company Topos Labs.
Topos makes language-processing software which helps computers interpret spoken words.
Shares were up 0.37 per cent to $2.69.
The big banks were mixed. ANZ was best and higher by 0.29 per cent to $27.67.
Women’s clothing retailer City Chic said its chief financial officer has resigned to follow other professional interests.
Munraj Dhaliwal will depart at the end of 2021 following three years at the company.
Shares were down 3.89 per cent to $6.17.
The Australian dollar was buying 73.58 US cents at 1200 AEST, lower than 73.79 US cents at Friday’s close.