ASX Gains on Mining and Energy Strength, CSL Rises on Deal News

The Australian sharemarket began the week on a positive note, with the S&P/ASX 200 index rising 29.4 points, or 0.3 per cent, to 8711.5. Nine of the 11 industry sectors showed gains, while the Australian dollar traded at US69.54¢.

Mining stocks led the advance, with BHP and Rio Tinto each gaining 1.1 per cent, and Fortescue climbing 0.3 per cent. Gold stocks remained steady, with Northern Star adding 0.3 per cent and Evolution Mining dipping 0.1 per cent. Financial stocks were mixed, with Commonwealth Bank and ANZ each rising 0.2 per cent, Westpac up 0.5 per cent, but National Australia Bank slipping 0.1 per cent.

Energy stocks advanced as oil prices rose following Yemen's bid to recapture Houthi-controlled areas. Brent crude for December delivery rose above $US103 a barrel, after gaining almost 5 per cent last week. OPEC+ nations agreed to keep oil production quotas unchanged next month. Woodside Energy inched up 0.1 per cent, Santos added 0.9 per cent, while refiners Ampol lost 0.2 per cent and Viva Energy rose 0.6 per cent.

Biotech giant CSL added 1 per cent after announcing a deal with Swiss company Alentis Therapeutics to co-develop and co-promote lixudebart, a potential treatment for rare kidney and liver disease. Technology stocks were mixed, with Codan rising 1.1 per cent, while WiseTech slumped 2.8 per cent and Xero lost 2.4 per cent.