Australian shares rose at Monday's close, tracking Asian markets, as investors cheered after President-elect Donald Trump described his pre-inauguration call with Chinese President Xi Jinping as "very good."
The S&P/ASX 200 Index rose 0.5% or 37 points to close at 8,347.4.
Investor's risk appetite surged after Trump and Xi discussed trade, TikTok, and fentanyl, setting the tone for early relations under the new administration, Bloomberg reported.
Sustained rise in markets would depend on how Trump enacts policies on taxes, tariffs, and immigration, which could drive inflation, Bloomberg added.
In corporate news, Insignia Financial (ASX:IFL) will grant CC Capital limited due diligence access to assess an improved version of its revised indicative proposal, subject to a confidentiality and standstill agreement.
The Star Entertainment Group (ASX:SGR) has raised concerns about its ability to continue as a "going concern" due to ongoing financial and liquidity issues.
The gaming firm reported a fiscal second-quarter revenue of AU$299 million from AU$438 million year on year. Analysts surveyed by FactSet expected AU$299 million in revenue. Its shares plunged 18% on market close.
Lastly, IGO (ASX:IGO) said it expects to recognize an additional share of net loss related to its 49% stake in the Kwinana Lithium Hydroxide Refinery in Western Australia, held through Tianqi Lithium Energy Australia. Shares of the company climbed 2% at market close.
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