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Australian shares finish slightly higher as new PM sworn in

Australian shares

ASX 200 closed up 0.1 per cent to 7,149 and the All Ordinaries gained 8 points or 0.1 per cent to 7,399

Australian shares have finished the day slightly higher, while Labor Party leader Anthony Albanese was sworn in as the country’s 31st prime minister after nine years of rule by the conservative Coalition.

ASX 200 closed up 0.1 per cent to 7,149. The All Ordinaries gained 8 points or 0.1 per cent to 7,399.

Albanese promised a ‘journey of change’ as he vowed to tackle climate change, rising living costs and inequality.

On the share market, miners climbed 0.8 per cent and touched a more-than-two-week high after iron ore prices surged on Friday.

BHP Group, Rio Tinto and Fortescue Metals Group rose between 1.1 per cent and 2.8 per cent.

Incitec Pivot was down 3.7 per cent after surging as much as 7.5 per cent when the fertiliser maker said it would spin off its explosives manufacturing and fertilisers businesses.

Energy stocks added 0.3 per cent, benefiting from strong oil prices. Major oil and gas explorers Woodside and Santos gained 0.5 per cent and 1.2 per cent, respectively.

Domestic technology stocks were up 0.4 per cent, despite Wall Street’s weak finish last week.

Block tumbled 2.4 per cent, while WiseTech Global gained 0.6 per cent.

Financials shed 0.4 per cent, with Commonwealth Bank of Australia, and Australia and New Zealand Banking Group falling 0.1 per cent and 0.8 per cent, respectively.

Among the top movers up were Codan (+14.5 per cent), Imugene (+12.5pc), Elders (+9.6 per cent) and A2 Milk (+3.5 per cent).

The Australian dollar was also up, at 71.05 US cents at 6:27 am GMT.

Global equity markets rebounded on Friday after the S&P 500 pared losses that briefly took it into bear market territory.

While a late-day rally on Friday stopped the S&P 500 from confirming a bear market, the gloom on Wall Street led the benchmark to fall for the seventh consecutive week, an event that has occurred only five times since 1928, according to S&P Dow Jones Indices.

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