Australian shares edge higher on mining boost; Ampol jumps

Australian shares edged higher on Monday as gains in mining stocks outweighed weakness in financials, according to Business Recorder. The S&P/ASX 200 index rose 0.2 per cent to 9,078.90 by 0047 GMT, having closed 0.3 per cent lower on Friday. Investors were waiting for more earnings and inflation figures due later this week.

Miners climbed as much as 2.9 per cent to a record high, extending their rally to a third consecutive session on firm copper prices. Copper had risen on Friday after the dollar weakened and China pledged fiscal measures to support economic growth. BHP Group and Rio Tinto added 3 per cent and 2 per cent respectively, while gold stocks rose as much as 1.5 per cent to a five-month high on stronger bullion prices.

Energy shares edged up 0.1 per cent, but Ampol climbed as much as 3.9 per cent after the fuel retailer reported an almost fivefold increase in interim profit. Santos fell 2.4 per cent and Woodside Energy slipped 0.8 per cent as oil prices eased. Financial stocks dropped 1.1 per cent, with the major banks down between 0.5 and 1.7 per cent ahead of the July inflation report due Wednesday, while Endeavour Group sank as much as 6.2 per cent to a two-month low after reporting a steep decline in annual statutory profit after tax.