Australian Shares Rise on Mining Sector Boost; Web Travel Plummets 36% on Lowered Margin Forecast

MT Newswires Live10-14

Australian shares rose on Monday, pulled up by a rise in mining shares, offset by a fall in the shares of energy firms.

The S&P/ASX 200 Index rose 0.5% or 38.30 points to close at 8,252.80.

Shares of mining firms jumped 1.3% at market close, followed by a nearly 1% rise in each of the healthcare and financial sectors.

Offsetting the gains is a 1.3% fall in the shares of energy firms and a 0.6% slide in information technology.

In corporate news, Web Travel's (ASX:WEB) shares plummeted 36% as the travel firm lowered its total transaction value/revenue margin forecast for its WebBeds business in the fiscal first half ended September to 6.4% from 7% based on the travel firm's preliminary earnings results.

Meanwhile, TPG Telecom's (ASX:TPG) shares closed down by 4% after the company announced the planned sale of its fiber network infrastructure to Vocus for AU$5.25 billion.

MYOB, DroneShield (ASX:DRO) and Macquarie Technology Group (ASX:MAQ) chair Peter James notified Vista Group International's (ASX:VGL, NZE:VGL) board that he will not proceed with a nomination of his appointment as a director and has withdrawn his consent. James was previously one of the two director candidates nominated by Admetus Capital. Vista Group's Australia-listed shares finished 1% higher.

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