ASX 200 extends gains to near 7,810, following higher miners and energy stocks

• ASX 200 Index continues its winning streak on gains in miners and energy stocks.
• Citi attributes a portion of the imbalances in iron ore prices to "non-traditional" sources of supply.
• Australian stock market is set to experience a dividend week, during which a staggering $18.8 billion will be distributed to shareholders.

The ASX 200 Index continues its winning streak that began on March 15, trading higher around 7,810, up by 0.45%, by the press time on Monday. This surge is driven by gains in miners and energy stocks. Concurrently, the A-VIX exhibits a notable rise today, climbing 2.35% to 11.14. The All Ords also sees an uptick, rising by 0.70% to 8,082.30.

ANZ predicts that iron ore prices are approaching the bottom, as they have experienced a significant decline since the beginning of the year. Citi, a major brokerage firm, attributes part of the market's imbalance to "non-traditional" sources of supply.

Investors are eagerly awaiting key domestic inflation and consumer spending figures later in the week, seeking insights into the Reserve Bank of Australia's (RBA) monetary policy trajectory. Additionally, the upcoming dividend week will play a crucial role in shaping the tone of the Australian stock market, with a remarkable $18.8 billion slated to be distributed to shareholders. Additionally, this week is abbreviated due to the impending Easter break.

Gains in the mining and energy sectors were driven by notable performances from Fortescue Metals, surging by 4.71%, West African Resources rising by 4.59%, BHP Group up by 1.05%, and Rio Tinto climbing by 1.32%. On the other side, major losers included ALS, down by 4.59%, Block Inc. falling by 3.90%, and Life360 Inc. decreasing by 3.58%, as of the latest update.

The RBA's latest Financial Stability Report highlights a concerning statistic that one in every 20 mortgage holders in Australia is spending more on repayments and other living expenses than their income. However, the RBA remains optimistic about the resilience of the Australian economy, asserting its ability to withstand risks originating from overseas.

In other news, Proteomics International Laboratories has entered into an agreement with the University of Oxford to acquire approximately 600 patient plasma samples for a study on endometriosis. These samples will facilitate further clinical validation of the company’s PromarkerEndo diagnostic models for detecting the disease.