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Australia: Stocks up 1 per cent, biggest gain in a month

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[SYDNEY] Australian shares rose the most in a month on Monday, defying weaker US markets, as investors took advantage of cheap bank stocks following months of selling and as a rebound in iron ore prices stoked demand for resource stocks.

The S&P/ASX 200 index rose 56.8 points or 1 per cent to 5,721.5 at the close of trade, its biggest one-day gain since April 24. The benchmark is down 4.5 per cent from its 2015 peak on March 3.

New Zealand's benchmark NZX 50 index rose 19.0 points or 0.3 per cent to finish the session at 5,795.0.

REUTERS