AU Evening Wrap: ASX rises 0.1% as banks advance

The $S&P/ASX 200(.XJO.AU)$ climbed 0.1 per cent, or 7.2 points, to 7485.2 on Monday, as the major banks posted solid gains which offset losses across the tech sector.

What led the market
The big four Australian high-street banks marched higher on the expectation they will enjoy stronger margins as interest rates reset towards neutral this year. $National Australia Bank Ltd(NAB.AU)$ rallied 1.51 per cent, $CommBank(CBA.AU)$ 1.42 per cent, $ANZ Group Holdings Ltd(ANZ.AU)$ 0.73 per cent and $Westpac Banking Corp(WBC.AU)$ 0.58 per cent.

Also strong were gold miner $Newcrest Mining Ltd(NCM.AU)$ +2.14 per cent, supermarket $Woolworths Group Ltd(WOW.AU)$ +1.03 per cent and rival $Coles Group Ltd(COL.AU)$ +1.1 per cent.

What dragged the market
The tech sector fell 0.85 per cent to its fourth loss since the RBA signalled it was preparing to raise rates. $Megaport Ltd(MP1.AU)$ gave up 3.1 per cent, $Novonix(NVX.AU)$ 2.8 per cent and $Appen Ltd(APX.AU)$ 2.67 per cent.

Other rate-sensitive growth stocks to weaken included $Polynovo Ltd(PNV.AU)$ -4.98 per cent, $Tyro Payments Ltd(TYR.AU)$ -3.86 per cent and $Nanosonics Ltd(NAN.AU)$ -2.27 per cent.

Uranium miners pared two days of strong gains that followed the announcement of a UK plan to expand its nuclear energy program. $Paladin Energy Ltd(PDN.AU)$ Energy sagged 3.87 per cent, $Paladin Energy Ltd(PDN.AU)$ 10.34 per cent and $Alligator Energy Ltd(AGE.AU)$ 10 per cent.

S&P/ASX 200 Movers for Monday (4/11)