The S&P/ASX 200 Index registered a 0.68% increase, closing at 8,205 on Monday, effectively recovering from losses in the previous trading session. This resurgence was primarily fueled by gains in the mining and financial sectors. Australian shares mirrored the positive performance on Wall Street, spurred by a stronger-than-anticipated US jobs rort that has raised expectations for a soft landing by the Federal Reserve.
Market participants are now keenly awaiting the release of the latest Reserve Bank of Australia's policy meeting minutes, which are anticipated to provide further clarity on the domestic interest rate outlook. Key players contributing to the rally included Fortescue (+3%), Pilbara Minerals (+1.6%), Mineral Resources (+4.6%), Westpac Banking (+2.1%), and Commonwealth Bank (+1.5%).
In corporate developments, Arcadium Lithium experienced a remarkable surge of 45.7% after Rio Tinto confirmed that it had approached the global lithium chemicals producer regarding a potential takeover.
Since the beginning of 2024, the ASX 200 has notably increased by 614 points or 8.09%, as evidenced by trading on a contract for difference (CFD) that tracks this benchmark index. Analysts project that the Australian Stock Market Index may trade at 8,042.88 points by the end of this quarter, with further estimates suggesting a potential decline to 7,583.57 points over the next 12 months.