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ASX extends monthly run of gains despite Monday fall
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Australian shares extended a monthly run of gains to eight months in May, the longest stretch in 14 years, despite a mild dip on Monday as the Melbourne COVID-19 outbreak spread and shares in tech group Nuix tumbled.
The S&P/ASX 200 fell 18 points to 7162.6 for a 0.2 per cent fall on the last trading session of the month but ended May with a 1.9 per cent gain. The All Ordinaries benchmark fell by the same margin, ending the month with a 1.6 per cent advance.
The monthly gain reflects the robust outlook for the Australian economy as output picks up, helped along by the big-spending federal budget announced earlier in the month and low interest rates.