Shares flat ahead of interest rate call as oil jumps
By Adrian Black
Australian stocks have had a cautious start to the week ahead of an RBA rates decision. -AAP Image
Australian shares have had a shaky start to the week, with a slump in miners counterbalancing rallies in banks, utilities and health care stocks.
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The S&P/ASX200 inched 14.7 points higher on Monday, up 0.17 per cent, to 8,679.7, as the broader All Ordinaries gained 5.1 points, or 0.06 per cent, to 8,850.7.
The financials sector did some heavy lifting as dip-buyers fuelled a rebound in bank stocks, while the defensive utilities and health care sectors outperformed as the market braced for a likely Reserve Bank cash rate hike on Tuesday.
Basic materials stocks were heavy as soaring bond yields weakened precious metals prices, while copper futures retreated as resurgent crude prices constrained global growth hopes after the US rejected an Iranian plan to reopen the Strait of Hormuz.
The Australian dollar is trading at 70.21 US cents, down slightly from 70.24 US cents on Friday at 5pm.
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