Australia: Shares climb 1.5% as country inches towards pre-pandemic normal

[BENGALURU] Australian shares rose more than 1 per cent on Monday, after some of the country's most populous states further eased restrictions over the weekend as the regions recorded no community transmissions of the new coronavirus that causes Covid-19.

The S&P/ASX 200 index was up 1.5 per cent at 6,775.60, as of 0045 GMT. The benchmark finished 2.4 per cent lower on Friday.

Life across Australia inched toward pre-pandemic normal, with New South Wales (NSW) and South Australia states allowing some dancing and Victoria permitting larger crowds at sporting events.

The Australian technology sub-index was top gainer on the benchmark, rising as much as 2.8 per cent and set for its best session since Feb 10, helped in part by the recent improvement in talks between Facebook and the Australian government.

Altium Ltd advanced nearly 4 per cent and was on track for its biggest intraday percentage gain since Oct 8, 2020, while Afadded about 4.2 per cent.

Healthcare stocks rose more than 2 per cent and were headed for their best day in nearly two weeks.

Clinuvel Pharma climbed about 3.5 per cent to a near nine-week high, while Pro Medicus gained close to 4.3 per cent.

The heavyweight finanical index rose 1.4 per cent, with the "Big Four" banks gaining between 0.7 per cent and 1.3 per cent.

Bucking the upward trend, gold stocks tumbled up to 1.6 per cent, as bullion prices slumped with a stronger dollar and elevated US Treasury yields hammering non-yielding metal's appeal.

Meanwhile, New Zealand's benchmark S&P/NZX 50 index slid 0.3 per cent to 12,188.65, after Auckland imposed a second lockdown this past month, as authorities try to rein in a cluster of the more contagious UK variant.

Skycity Entertainment fell nearly 4 per cent after the company announced certain measures in response to the government's Covid-19 restrictions.

REUTERS