Australia: Shares climb on gold, healthcare boost; banks weigh

[BENGALURU] Australia shares climbed on Monday, supported by gold and healthcare stocks, though gains were capped by a laggard performance in the financials sub-index as investors latched on to concerns over broadening inflationary risks.

The S&P/ASX 200 index was up at 0.3 per cent at 7468.00 points, as of 1150 GMT. The benchmark closed 0.8 per cent higher on Friday.

Risk appetite got a lift after Australian officials said the country will likely start administering Covid-19 vaccines for children under the age of 12 in January.

Healthcare stocks jumped as much as 1 per cent, with top gainer Resmed Inc adding 5.7 per cent to scale its highest level in more than two weeks while biotech major CSL rose up to 0.5 per cent.

Gold stocks led gains on the benchmark by adding 1.4 per cent as bullion prices over the weekend logged their best week since May with inflationary fears lifting the metal's safe-haven appeal.

Miner Pantoro was the best performer in the sub-index, logging a 19.7 per cent gain to eye its best day in more than 18 months.

The mining sub-index was up about 0.9 per cent, on track for its third straight session of gains, with index heavyweight Rio Tinto adding 0.7 per cent.

Tech stocks also jumped 0.6 per cent on the back of an upbeat close at Wall Street on Friday night.

Financials were the only dull spot, capping gains on the benchmark by losing 0.5 per cent, with three of the "Big Four" banks trading in the red.

Australia's Link Administration gained 1.1 per cent after it granted due diligence information to Carlyle Group under its new A$2.81 billion (S$2.78 billion) takeover offer.

Explosives and fertiliser maker Incitec Pivot jumped 17.6 per cent to mark its best day since November 2006 after posting a strong annual net profit.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index was up 0.5 per cent at 12,968.160 points, with dairy firm A2 Milk Company leading the gains.

Elsewhere, the S&P 500 E-minis futures were up 0.2 per cent.

REUTERS