Dec 5 (Reuters) - Australian shares rose on Monday, as
miners jumped on hopes that COVID-19 restrictions in China would
be eased, with investors eyeing the central bank's policy
meeting this week where they expect another interest rate hike
of 25 basis points.
The S&P/ASX 200 index added 0.3% to 7,325.9 points
by 2333 GMT. The benchmark fell 0.7% on Friday.
The Reserve Bank of Australia is expected to deliver a
quarter-point rate hike its third in a row after a succession
of half-point moves at its upcoming policy meeting on Tuesday
as the country showed signs of cooling inflation, according to a
Reuters poll.
Financials advanced 0.1%, with the "Big Four" banks
gaining between 0.1% and 0.3%.
Local miners climbed 1.7% and were among the top
gainers on the benchmark after iron ore prices were buoyed by
expectations that top steelmaker China would ease its stringent
COVID-19 policies.
Iron ore behemoths BHP and Rio Tinto
gained 1.7% and 0.9%, respectively.
Energy stocks gained 0.2%. Sector major Woodside
Energy and Beach Energy rose 0.06% and 0.4%,
respectively.
Separately, Santos added 0.6% even as Australia's
Federal Court on Friday rejected its appeal to resume drilling
on its $3.6 billion Barossa gas project.
Tech stocks lost 0.4%. ASX-listed shares of Block
Inc slid 0.9%, while software solution provider
Wisetech Global slid 1.3% and was among the top losers
on the sub-index.
Weakness in bullion prices led gold stocks to drop
0.5%. The country's largest gold miner Newcrest Mining
slipped 0.2%.
In New Zealand, the benchmark S&P/NZX 50 index fell
0.4% to 11,590.83 points.
(Reporting by Navya Mittal in Bengaluru; editing by Uttaresh.V)