Financial stocks declined, with shares of the major banks were down between 1.24% and 1.62%, with NAB leading the losses, slipping down 40 cents to A$24.35. Bendigo and Adelaide closed down 6.8% to A$10.39, after the regional lender announced its first-half profits had dipped 2.4% to A$219 million.
Shares in aged care operators shot up after Prime Minister Scott Morrison announced a $662 million funding boost on Sunday, ahead of hearings by a royal commission into aged care. aged care operator Estia Health which rose 7.3% in response to more government funding. Regis Resources was up 2.94% to A$5.26 cents; Japara Healthcare up 5.2% to A$1.315; and Estia Health up 7.3% to A$2.50.
The Shares of pharmacy business Sigma Healthcare grew 5.4% after announcing plans to reduce its costs by over $100 million.
Materials and resources stocks were up, as Chinese iron ore futures hit record highs on concerns over supplies from Brazil in the wake of the dam collapse at a mine last month that killed more than 300 people. Iron ore futures have spiked 22% since a January 27 dam collapse in Brazil, which forced mining giant Vale to suspend some operations, jumping from $75.30 to $92.13. The biggest miner on the index, BHP Group Ltd closed up 2%, while Rio Tinto Ltd gained 1.8%. Fortescue Metals rose 3.48%.
Among individual stocks: JB Hi-Fi went up 1.8% in response to the continuing revenue and profit growth that was reported this morning. JB Hi-Fi has lifted first-half profit 5.5% to $160.1 million despite volatile holiday trading for the electronics and home entertainment retailer. Revenue for the six months to December 31 rose 4.2% to $3.84 billion, with comparable sales in Australia, New Zealand and at The Good Guys - the white goods business it bought in 2016 - all going up.
AAC shares were down 12.26% after it said it expected "extreme" cattle deaths at its 30,000-head Wondoola station in the Gulf country.
Incitec Pivot shares closed down 2.07% after the company said it would lose $10 million a week until rail lines in the region reopen so it can resume operations.
CURRENCY: Australian Dollar rose against greenback and against a basket of other peers on Monday. The Aussie dollar was buying 70.95 US cents, from 70.85 US cents on Friday.
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