Market Wrap / digging the gains

The Australian sharemarket pushed higher on Monday, with mining stocks leading gains as investors looked past elevated government bond yields.

The S&P/ASX 200 Index closed higher by 0.49% to 9103.10 points, despite 6 of the 11 sectors trading lower. The index has fallen for the past two weeks and remains below its record high of 9296.70 set earlier this month.

Mining stocks were the standout performers, with BHP surging to a record high. The mining giant has now gained about 48 per cent this year, helping materials stocks drive the broader market higher.

Rio Tinto also advanced as stronger copper prices supported the sector. Uranium miners Deep Yellow, Boss Energy and Paladin were among the market’s top performers, while lithium producer PLS jumped 7.9% after reinstating its dividend following a three-year pause.

Outside resources, Ansell rallied after forecasting stronger earnings growth and saying it could offset US tariffs through price increases. EVT surged after flagging plans to explore the sale of $800 million in non-core assets.

Banks were a drag, while insurer QBE fell as it traded ex-dividend.

Ampol climbed 4.3% after reporting a near fivefold increase in first-half profit to $857.2 million, while Aussie Broadband plunged 6.5% and NIB dropped 9.05%  after disappointing results.