Australian shares extend gains as financials, miners advance



June 27 (Reuters) - Australian shares jumped on Monday, with heavyweight financials leading the gains as investors shrugged off recession fears amid looming rate hikes, while strong iron ore prices boosted miners.

The S&P/ASX 200 index .AXJO rose 1.5% to 6,676.5 by 0106 GMT, extending gains to a third session. Investors also took cues from Friday's strong gains in global stocks, as a recent slide in commodity prices eased worries about soaring inflation and the rate hike outlook.

Financials .AXFJ advanced as much as 2% to their highest since June 14 and were among the top gainers on the benchmark index, with the "big four" banks climbing between 2% and 3%.

Miners .AXMM jumped 1.9% as iron ore prices rose on expectation of a recovery in demand after Chinese President Xi Jinping pledged to take more effective measures to achieve the country's economic and social development goals.

Sector leaders BHP Group BHP.AX , Rio Tinto RIO.AX and Fortescue FMG.AX added between 1% and 3.5%.

Technology stocks .AXIJ tracked Wall Street higher, rising 1.1%. ASX-listed shares of Block SQ2.AX climbed 3.2%, while software firm Xero XRO.AX added 1.1%.

Limiting the benchmark index's gains, gold stocks .AXGD fell 6.9% to their lowest since March 2020, as heavyweight Evolution Mining EVN.AX tumbled 20.4% after cutting its production outlook.

The company now expects 2022 gold production to be around 640,000 ounces, well below its previous guidance of 700-760 thousand ounces.

Shares of Suncorp Group SUN.AX rose 3.3% after the country's second-largest insurer said it was conducting a strategic review of its banking operations.

Shares of Link Administration LNK.AX advanced 1.9% even as Canadian cloud-based software company Dye & Durham Ltd DND.TO lowered its takeover proposal, while PEXA group PXA.AX climbed 4.9%.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 1.4% to 10,960.3.


Reporting by Roushni Nair in Bengaluru; Editing by Subhranshu Sahu

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