Sky News Business Reporter Edward Boyd says the ASX 200 “jumped” 1.2 per cent at the open, surging to a 10-week high, before finishing up 0.73 per cent on Monday – helped by the S&P 500 which closed at its highest level all year.
Nine out of 11 sectors were higher, led by tech stocks, property companies and the miners, while utilities and energy stocks slumped.
Casino operator The Star was one of the day’s top performers, rising 6.86 per cent, along with data networking company Megaport, which rose 4.28 per cent, and the machine learning tech stock Appen lifted 1.69 per cent.
The price of gold surged to a record high of around $US2,092 an ounce, lifting speculation the US Federal Reserve will soon be cutting interest rates.
Gold companies have been some of the top performers all year, with Westgold Resources up 155.3 per cent, Resolute Mining 152.8 per cent, and Ramelius lifting 76.77 per cent.
The whole lithium sector slumped on Monday following speculation that Australian lithium companies which process lithium in China, or have major Chinese shareholders, will miss out on the general financial incentives that form part of America’s Inflation Reduction Act.
