SYDNEY/WELLINGTON, Aug 1: Australian shares rallied to a near one-year peak on Monday, with gains across the board as growing speculation of a rate cut by the Reserve Bank of Australia RBA kept investors bullish in the lead-up to earnings season.New Zealand stocks inched up to a fresh all-time high, the eleventh record since mid-July.The S&P/ASX 200 index rose 0.6 percent, or 32.24 points, to 5,594.9 by 0415 GMT, having earlier hit its highest level since Aug. 11, 2015. The benchmark leapt 6.2 percent in July, the largest monthly gain in five years.Energy and mining stocks led the way with markets shrugging off lower oil and iron ore prices as the focus turned to the RBA.The central bank holds its monthly policy meeting on Tuesday and the majority of economists expect an interest rate cut of 25 basis points to a new low of 1.5 percent. Out of 49 analysts polled by Reuters 38 expected more stimulus, largely to curb an unwelcome slowdown in inflation.In the energy sector, Whitehaven extended recent gains thanks to rising coal prices, with the company’s share price up 7 percent. Origin gained 3.4 percent and Oil Search 2.5 per cent.The mining sector was also in demand with BHP Billiton stocks up 1.4 percent and Rio Tinto 1 percent higher. Gold miner Newcrest Mining added 2.7 percent while Fortescue Metals Group increased 1.5 percent.Financial stocks were higher with Commonwealth Bank and National Australia Bank each up more than 1 percent. Westpac Banking Corp edged up 0.3 percent but Australia and New Zealand Banking Group dipped 0.1 percent.Australian newspaper publisher and radio broadcaster Fairfax Media Ltd was among the underperformers, down around 1 percent after it warned of a near A$1 billion writedown.For more individual stocks activity click onNew Zealand’s benchmark S&P/NZX 50 index was largely unchanged, up 0.1 percent, or 4.48 points, at 7,352.61 as investors tread water ahead of the corporate earnings season. It briefly touched an all-time peak of 7,359.12.The biggest gainers were Comvita, up 2.0 percent on some ongoing bargain hunting.The Fonterra Shareholders Fund was up 1.2 percent after the dairy giant Monday announced a forecast earnings per share range for the 2017 financial year of 50 to 60 New Zealand cents.The biggest losers include Steel & Tube, down 1.4 percent. (AGENCIES)
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