The benchmark S&P/ASX 200 index gained 44.6 points, or 0.6 per cent, to 7,159.8 at the close, rebounding from two weeks of losses.
The Australian sharemarket climbed on Monday, boosted by a rally in consumer discretionary stocks after a surprisingly robust rebound in local retail sales last month.P/ASX 200 index gained 44.6 points, or 0.6 per cent, to 7,159.8 at the close, rebounding from two weeks of losses as 10 of the 11 industry groups advanced. The All Ordinaries added 0.5 per cent.
“The RBA is likely to retain their tightening bias, but the inflation data will need to sway them to act on their tightening bias”. The ASX also tracked a rally in Asian stocks on Monday after Chinese authorities boosted efforts to woo back investors to one of the world’s worst-performing sharemarket. The CSI 300 Index of mainland stocks initially jumped more than 5 per cent on the measures which included a cut in the stamp duty on stock trades and curbs on share sales by major stakeholders.
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