Australia shares close higher; NZ inches down

[BENGALURU] Australian shares snapped three consecutive sessions of losses to finish higher on Monday, tracking Wall Street's all-time highs recorded on Friday.

The S&P/ASX 200 index rose 0.5 per cent, or 25.577 points to 5,720.6 at the close of trade. The benchmark fell 0.8 per cent on Friday.

Financial stocks outperformed other sectors on the index, with the "Big Four" banks rising between 0.5 and 1.1 per cent.

For markets, the main event will be the Fed's meeting on Tuesday and Wednesday, where it is likely to take another step toward policy normalisation amid what is rapidly becoming a global trend.

Material stocks managed to post marginal gains for the day, with heavyweights BHP Billiton and Rio Tinto 0.7 per cent and 0.2 per cent, respectively.

Energy stocks gained on firm oil prices, with Oil Search, Santos and WorleyParsons gaining in the range of 1.5 per cent to about 4 per cent.

WorleyParsons was the second biggest gainer on the main index after APN Outdoor Group which gained 4 per cent.

New Zealand's benchmark S&P/NZX 50 index closed 0.1 per cent or 3.95 points down to finish the session at 7758.71, marking its fifth straight declining session.

Fisher & Paykel Healthcare Corporation was the top loser on the index, falling 4.4 per cent.

REUTERS