INSUBCONTINENT EXCLUSIVE:
Australian shares inched up on Monday, as cautious outlook from retailer Woolworths Group and rubber products maker Ansell offset gains from
materials stocks, which were buoyed by upcoming trade talks between US and Chinese officials.
China and the United States will hold
lower-level trade talks this month, offering hope that they might resolve an escalating tariff war with reports suggesting the talks in
Washington would take place on Aug
21 and 22.
"We've had some positive leads from international trading in particular, news of an agreement between China and the US that both
sides were looking to put in place by November, turned sentiment around," said Michael McCarthy, chief strategist at CMC Markets and
Stockbroking.
The SP/ASX 200 index added 0.1 per cent to settle at 6,345 on Monday
It recorded a 0.2 per cent gain on Friday.
Shares of Fortescue Metals Group rose 1.2 per cent after the miner said it would produce a 60 per
cent iron content product in the second half of the fiscal 2019, combating the widening discount for its lower grade ore.
Global miner BHP
rose for the first time in four sessions to end Monday 1.3 per cent higher
Rival Rio Tinto Ltd tacked on 0.3 per cent.
The union representing workers of BHP-operated Chilean mine Escondida, signed a new collective
labour contract on Friday, ending the risk of a strike that could have paralysed the world's biggest copper mine.
Retailer Woolworths
Group slipped 0.6 per cent
While its profit for the 2018 fiscal year rose, the company said sales in its Australian food division in the current fiscal year so far had
slowed.
Rubber products maker Ansell Ltd lost 7.2 per cent after it said it expects trade issues to raise the cost of the goods it imports
into the United States from China.
In New Zealand, the local benchmark SP/NZX 50 index closed up 0.6 per cent to 9,109.15, an all-time
Export-oriented health care stocks, which gained from a weak New Zealand dollar, and utilities helped the main index hit the
milestone.
Medical device maker Fisher Paykel Healthcare Corp Ltd firmed 1.8 per cent to its highest close since a month and a half.