ASX higher, JB Hi-Fi hikes dividend, Carsales profit jumps while Nearmap surges 26pc

Australian shares have risen on Monday, tracking a strong finish on the Wall Street last week on signs that US inflation might have peaked, while upbeat earnings by blue-chip companies buoyed the domestic index.

The ASX 200 was up 33 points, or 0.5 per cent, to 7,065, at midday.

At the same time, the Australian dollar was flat, at 71.17 US cents.

Corporate earnings reports will pick up pace through the week, with investors eyeing full-year results from global miner BHP, followed by Santos and biotech firm CSL.

Aussie miners rose 1.9 per cent, as strong gains in steel producer Bluescope and lithium miner Allkem — up as much as 6.2 per cent and 3.8 per cent, respectively — helped offset weaker iron ore prices.

Energy stocks fell 0.3 per cent after a 2 per cent decline in crude oil prices on Friday amid recession fears.

Among individual stocks, top loser Beach Energy slumped more than 12 per cent, to a month low, after its annual profit missed estimates, followed by an 8.1 per cent drop in shares of Bendigo and Adelaide Bank.

Tech stocks outperformed the market with a 1.7 per cent gain, led by Megaport rising 5.4 per cent.

Aerial imagery firm Nearmap surged more than 26 per cent, after getting a $1.06 billion takeover bid from a US private equity firm.