Australia: Shares hit over one-week high as energy, bank stocks shine

[BENGALURU] Australia shares hit a more than one-week high on Monday, boosted by heavyweight banking and mining stocks on strong commodity prices over the weekend, though losses in tech and healthcare capped gains.

The benchmark S&P/ASX 200 index gained 0.7 per cent to 7,395.9 as at 0110 GMT, its highest since Sept 17.

Miners rose as much as 1.6 per cent, led by Mineral Resources jumping 4.4 per cent, followed by Lynas Rare Earths advancing 2.9 per cent, after iron ore futures gained more than 4 per cent on Friday.

Global miners BHP Group, Rio Tinto and Fortescue Metals gained between 1.4 per cent and 4 per cent.

Financials climbed 1.1 per cent, led by top lender Commonwealth Bank of Australia rising 1.9 per cent, followed by IOOF Holdings Ltd gaining 1.9 per cent.

Energy index rose 1.8 per cent led by a 2.5 per cent jump in Beach Energy, followed by Woodside Petroleum gaining 2.5 per cent as oil prices rose for a third week in a row to a near three-year high on Friday on global output disruptions..

Australian Pharmaceutical Industries jumped as much as 4.8 per cent, after the drugmaker received a non-binding proposal from Sigma Healthcare, valuing it at A$773.5 million (S$758.7 million), rivalling an offer from Wesfarmers.

Bucking the trend, healthcare firms were down 1.5 per cent, with CSL dropping as much as 2.1 per cent.

Technology stocks fell more than 0.7 per cent, with heavyweights NEXTDC and Afterpay shedding 5.9 per cent and 1.2 per cent, respectively.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.04 per cent to 13,254.1.

Elsewhere, Japan's Nikkei was up 0.28 per cent at 30,334.51.

REUTERS