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Posted: 2019-10-14 06:09:35

That theme was also picked up by chief economist at Kiwibank Jarrod Kerr. "The trade tariff tiff between the US and China has been long and volatile. And nothing has changed," Mr Kerr said in a note.

"The partial US-China trade deal is creating positive headlines and risk sentiment has improved. Like all things Trumpian, the details are scarce."

BHP, Santos, Woodside, and Rio Tinto added the most points to the index on Monday, with Santos significantly outperforming with a 5.6 per cent rise to $7.85 after it announced plans to spend more than $2 billion expanding its gas-related assets. The financials sector closed higher with former National Australia Bank subsidiary CYBG (Clydesdale Bank, Yorkshire Bank) up 12.1 per cent on hopes of a Brexit deal.

Meanwhile, the communications sector was the worst performer, down 1 per cent compared to an index fall of 0.5 per cent. Telstra was as low as $3.50 ahead of tomorrow's annual general meeting before ending 1.6 per cent lower at $3.51. The telco's board is sitting on a first strike over executive remuneration and there is pressure on chief executive Andy Penn to reassure investors about his 'T22' turnaround program.

Energy was the best performing sector with a rise of 2.9 per cent, followed by information technology up 1.7 per cent thanks to a 2.8 per cent rise in Afterpay Touch to $36.10, and a 5 per cent rise in Appen to $22.59.

With bullion prices also under pressure from higher bond yields and improvement in investor risk appetite, shares in listed gold miners were hammered. The All Ords gold index slumped 5.1 per cent, the largest one-day percentage decline since April 26, 2017.

The biggest change in share prices on Monday was a $1.69 fall in Newcrest Mining to $33.56, a decline of 4.8 per cent. Gold miners were under pressure with Saracen Minerals falling 8.3 per cent to $3.41 and Northern Star falling 5 per cent to $11.26.

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