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 advanced 30.644 points, or 0.5
percent, to 5,867.2 by 0257 GMT.
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 as much as 2.7
percent, driven by gains in BHP Billiton and Rio Tinto
, which climbed 1.9 percent and 1.7 percent,
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 4 percent, while Woodside Petroleum Ltd
gained 1.5 percent.
"The risk sentiment this morning is pushed-up a bit higher.
Oil prices moved up very sharply and as a result the energy
sector in Australia is doing very nicely," said Chris Weston, an
institutional dealer at IG Markets.
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
Britain's vote to quit the EU and Donald Trump's election as
"I don't think Macron's win is doing any harm," Weston
Among other stocks, Australia's No. 2 lender Westpac Banking
Corp gained 0.3 percent after it said its first-half
cash profit rose 3 percent, lifting the financial index
Fairfax Media rose as much as 7.3 percent to touch
a more than five-week high after a consortium led by U.S.
private equity firm TPG Capital made a A$2.2 billion ($1.63
billion) proposal to buy the media group's metropolitan
newspapers and Domain real estate classifieds unit.
Bucking the trend, the country's biggest telco Telstra Corp
Ltd shed more than one percent and was among the
biggest drags on the index.
Shares of the company surged more than four percent on
Friday after Australia's competition watchdog said it would not
regulate the nation's mobile roaming market.
New Zealand's benchmark S&P/NZX 50 index climbed 0.5
percent, or 40.42 points, to 7,405.92, and is on track to snap
three-straight days of losses.
Healthcare, industrials and telecom stocks accounted for
most of the gains on the index.
Air New Zealand and Xero Ltd were the
biggest gainers, advancing 2.3 percent and 1.9 percent,
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($1 = 1.3530 Australian dollars)
(Reporting By Shashwat Pradhan in Bengaluru; additional
reporting by Rushil Dutta; Editing by Jacqueline Wong)