Australian Shares Rise on China Stimulus, Ahead of Domestic Inflation Data

MT Newswires Live07-29

Australian shares rose on Monday, boosted by China's stimulus measures and ahead of the release of domestic inflation data on Wednesday.

The S&P/ASX 200 Index rose 68.30 points, or 0.9%, to 7,989.60.

Last week, top metals consumer China earmarked about 300 billion yuan in ultra-long treasury bonds to support consumer goods trade-ins, Reuters reported.

Also, the market is awaiting the release of Australia's consumer price index for the June quarter to assess the Reserve Bank of Australia's rate trajectory prior to its policy meeting on Aug. 6.

In company news, ActivEX (ASX:AIV) shares jumped 60% on Monday as it announced its future exploration plans. These include detailed mapping and sampling at the Aramac rare earth projects and drilling to test the depth and continuity of mineralization at the Gilberton project.

Australian Foundation Investment's (ASX:AFI) net profit attributable to equity holders declined to AU$296.2 million in the year ended June 30, from AU$309.8 million a year ago. Shares of the company closed 2% higher.

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