Australian shares have started the week on the front foot after shrugging off volatility in the artificial intelligence space, as a rebound in local banks continues.
The S&P/ASX200 rose 39 points on Monday, up 0.44 per cent, to 8845.7, as the broader All Ordinaries improved by 35.3 points, or 0.39 per cent, to 8975.7.
Energy stocks outperformed, the segment up more than two per cent after Middle East supply disruptions launched Brent crude as high as $US110 a barrel over the weekend.
Banks and other financial stocks continued their recovery from August’s sell-off, offering something of a safe haven after cracks emerged in the artificial intelligence narrative last week, sparking a sell-off in red-hot chip and technology stocks.
The Australian dollar is buying 69.75 US cents, up from 69.42 US cents on Friday at 5pm.
Australian Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national newswire and has been delivering accurate, reliable and fast news content to the media industry, government and corporate sector for 85 years. We keep Australia informed.
