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-- 5.1485 AU Evening Wrap | Australian Stock Market Gains Amid Anticipated Economic Stimulus in China
The Australian stock market experienced a rise on Monday, fueled by renewed expectations of economic stimulus in China, which in turn heightened the demand prospects for commodities. The $S&P/ASX 200 (.XJO.AU)$ Index closed up by 0.2 percent, gaining 15 points to reach 8300.2, marking its third consecutive session of increases. It now stands just shy of its all-time high recorded in October, less than 100 points away. Similarly, the All Ordinaries Index saw a comparable rise.
Speculation over potential additional economic measures from Beijing in the upcoming months has positively influenced the market, particularly benefiting iron ore companies. This speculation helped iron ore prices climb back over $US100 per ton. Leading the gains, mining giant Rio Tinto surged by more than 2 percent to $116.21, while BHP Group rose by 0.7 percent to $40.36. This uptick followed Shanghai's announcement on Monday about reducing property transaction taxes starting December 1, aimed at revitalizing its struggling real estate sector.
Aluminum prices experienced a significant increase following China's decision to eliminate a tax incentive ("tax sweetener") that had previously boosted exports. $South32 Ltd (S32.AU)$ saw its shares climb 6.2 percent, closing at $3.77.
The uranium sector also received strong investor interest after Russia announced on Friday restrictions on enriched nuclear fuel exports to the US. $Boss Energy Ltd (BOE.AU)$ led the gains, soaring 7.3 percent to reach $3.07 and becoming the top performer on the index. $Paladin Energy Ltd (PDN.AU)$'s shares ascended over 5 percent, finishing at $7.69, while $Silex Systems Ltd (SLX.AU)$ experienced a substantial rise of 13 percent, ending at $5.85.
Source: AFR, ASX
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