Australia: Energy, gold stocks push shares higher

[BENGALURU] Australian shares rose on Monday, driven by gold stocks on higher bullion prices, while Ampol and Viva Energy lifted the energy index after both fuel suppliers received a massive government funding to keep their refineries open.

The S&P/ASX 200 index was up 0.4 per cent at 7,038.5 points, as of 0057 GMT. While the benchmark gained 0.5 per cent on Friday, it clocked its biggest weekly drop since Feb 26.

Energy stocks rose as much as 2.1 per cent and eyed their best session in nearly two months, benefiting from a jump in Ampol and Viva Energy, while higher oil prices also helped.

Ampol and Viva Energy were the top gainers on the benchmark after the government announced A$2.3 billion (S$2.38 billion) in support to keep the last two oil refineries operated by the companies open at least until 2030.

Gold stocks gained as much as 4.1 per cent after data showed US retail sales unexpectedly stalled in April and boosted the safe-haven metal's appeal.

The sub-index was on track to record its best one-day gain since April 16.

Heavyweight gold miner Newcrest Mining rose as much as 2.6 per cent to hit its highest in more than three weeks, while Northern Star Resources gained up to 5.3 per cent and eyed its best session in two weeks.

A rebound in major Wall Street indexes, including the tech-heavy Nasdaq further aided sentiment.

Technology stocks in Australia rose 1 per cent, with software maker Xero Ltd rising 4.4 per cent and leading gains on the sub-index.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.4 per cent to 12,412.34 points.

Skycity Entertainment and NZX were the top gainers on the benchmark, up around 2.4 per cent each.

REUTERS