Australian shares edge higher on mining boost; Ampol jumps

Australian shares experienced a slight gain on Monday, with gains in mining stocks offsetting declines in financials, as investors awaited upcoming earnings reports and inflation data. The S&P/ASX 200 index climbed 0.2% to 9,078.90 by 0047 GMT, after falling by 0.3% on Friday. Mining stocks soared, with some surging as high as 2.9% to hit a record high, continuing a three-day winning streak fueled by robust copper prices.

Copper prices climbed on Friday due to a weaker dollar and China's promise of fiscal measures to stimulate economic growth. BHP Group and Rio Tinto increased by 3% and 2%, respectively. Gold stocks also rose up to 1.5% to their highest level in five months, buoyed by strong bullion prices. Northern Star Resources and Evolution Mining, gold miners, gained around 0.3% each.

Energy stocks edged up 0.1%, led by a nearly 3.9% rise in Ampol following the fuel retailer's interim profit surge. However, oil prices fell, causing Santos and Woodside Energy to drop by 2.4% and 0.8%, respectively. Financials declined 1.1%, with major banks among the "Big Four" experiencing losses between 0.5% and 1.7%. This downward trend preceded the release of the July inflation report due on Wednesday.

Financials experienced a 0.9% decrease last week, marking their third consecutive weekly decline as several banks, such as Commonwealth Bank of Australia, reported a drop in mortgage applications following tax concession changes for property investors in the May budget. Endeavour Group, however, saw a sharp fall of up to 6.2%, reaching a two-month low, after reporting a significant decline in annual statutory net profit after tax. The New Zealand benchmark S&P/NZX 50 index also gained 0.1% to 13,981.74.