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Market Update: Australian Shares Trade Higher
The ASX 200 added 11.10 points or 0.16% to 7041.40 on Monday, extending gains of 0.16% last week as traders shifted their focus on a preliminary report Friday that the IHS Markit US Composite PMI climbed to an all-time high of 68.1 in May, with both manufacturing and services rising at record paces. Meantime, Reuters reported that the RBA will likely lag its peers in tightening monetary policy even though Australia has emerged from the slump caused by the COVID-19 pandemic with strong growth momentum. Among stocks, Kogan.com jumped nearly 16%, after a 12% slump last Friday, following the release of new earning guidance that suggested it will fall short of FY21 forecasts by up to 18%. Gold Road Resources Ltd, meantime, climbed 5.3%, as gold prices lifted to a near 5-month high. Traders now look toward the release of US consumer prices later in the week, along with the 2nd estimate Q1 US GDP and President Biden’s FY2022 budget. [/s2If]
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