(Updates to close)
May 8 Australian shares rose on Monday, boosted
by a rally in mining and energy stocks after copper recovered
from a five-month low and oil gained on expectations an OPEC-led
output cut would be extended.
The S&P/ASX 200 index ended four sessions of losses
to rise 0.6 percent, or 34.34 points, to 5,870.90 at the close
Copper recovered on Friday from a five-month low as mine
workers in Peru considered launching a new strike and some
investors regarded the lower prices as good value.
Australia's mining index rose one percent, driven by
gains in BHP Billiton and Rio Tinto, which
climbed 1.6 percent and 2.3 percent respectively.
In other commodities, oil prices rose on Monday on a growing
conviction that an OPEC-led production cut initially scheduled
to end in June would be extended to cover all of 2017.
WorleyParsons Ltd was the biggest gainer on the
energy index, rising 3.5 percent.
Sentiment was also lifted by the comfortable victory of
centrist Emmanuel Macron over far-right nationalist Marine Le
Pen in the French presidential election.
Macron's victory brought comfort to investors, who had been
nervous of the risk of another populist upheaval to follow
Brexit and Donald Trump's election as U.S. president.
New Zealand's benchmark S&P/NZX 50 index climbed 0.8
percent, or 60.96 points, to 7,426.46, its highest close since
Sept. 9, 2016.
Healthcare, industrials and telecom stocks accounted for
most of the gains on the index.
Air New Zealand was the top percentage gainer,
rising 2.6 percent.
(Reporting By Shashwat Pradhan in Bengaluru)