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Banks, miners lift Aussie shares; Rio Tinto slips after Arcadium bid

Australian shares ended higher on Monday as gains in heavyweight banking stocks exceeded a decrease in top miner Rio Tinto's shares after it confirmed it remained in speak with purchase Arcadium Lithium.

The S&P/ ASX 200 benchmark index closed 0.7% higher at 8,205.4 points. The standard fell 0.8% recently.

Monetary stocks rose 1.5%, with the Big 4 banks advancing between 1.2% and 2.1%.

Global funds are buying banks and miners to keep the market higher, stated Mathan Somasundaram, CEO of DeepData Analytics.

Banks are far more liquid and have a larger weightage compared to other sectors, and for that reason, international funds are buying them, which is raising the market, Somasundaram stated.

Miners added 0.6%, with bellwethers BHP Group and Fortescue acquiring 0.6% and 3%,. respectively.

Mining stocks have increased for seven out of the last 10. sessions as investors continue to purchase into the sector on the. back of China's bazooka stimulus.

China, Australia's largest trading partner, is commonly. expected to provide more stimulus at its official instruction on. economic policy implementation on Tuesday, which is likely to. enhance the domestic resources-heavy bourse.

The Australia-listed shares of Arcadium Lithium. topped the criteria, rising 45.7% to end at a four-month high.

The company verified that Rio Tinto had actually provided to. purchase it, possibly valuing it at $4 billion to $6 billion or. greater, according to sources.

Rio Tinto, however, lost 2% following its quote.

Tech stocks closed 1.6% greater, tracking their U.S. peers.

Energy stocks rose 0.2%, while gold stocks. pulled back 1.1% on alleviating costs for the yellow metal.

The Reserve Bank of Australia will launch the minutes of. its September policy conference on Tuesday, which will offer. further clarity on when it's anticipated to cut rates.

New Zealand's benchmark S&P/ NZX 50 index fell 0.2%. to 12,596.87 points. The country's central bank is anticipated to. cut its rate of interest by a half-point in its policy conference on. Wednesday, according to a Reuters poll.

(source: Reuters)