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Australian shares hit over 1-week high as energy, bank stocks shine

09/26/2021 | 09:45pm EDT

Sept 27 (Reuters) - 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% to 7,395.9 as at 0110 GMT, its highest since Sept. 17.

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

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

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

Energy index rose 1.8% led by a 2.5% jump in Beach Energy, followed by Woodside Petroleum gaining 2.5% 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%, after the drugmaker received a non-binding proposal from Sigma Healthcare, valuing it at A$773.5 million ($561.4 million), rivalling an offer from Wesfarmers.

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

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

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

Elsewhere, Japan's Nikkei was up 0.28% at 30,334.51. (Reporting by Aditya Munjuluru; Editing by Rashmi Aich)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BEACH ENERGY LIMITED -3.83% 1.38 End-of-day quote.-23.55%
BHP GROUP -2.16% 37.65 End-of-day quote.-11.27%
COMMONWEALTH BANK OF AUSTRALIA -0.07% 104.88 End-of-day quote.27.73%
CSL LIMITED 0.41% 295.86 End-of-day quote.4.48%
FORTESCUE METALS GROUP LIMITED -0.69% 14.31 End-of-day quote.-38.92%
IOOF HOLDINGS LTD -0.22% 4.56 End-of-day quote.29.55%
LYNAS RARE EARTHS LIMITED -8.06% 6.84 End-of-day quote.71.86%
MINERAL RESOURCES LIMITED -4.02% 39.38 End-of-day quote.5.15%
NEXTDC LIMITED 0.17% 11.8 End-of-day quote.-3.52%
SIGMA HEALTHCARE LIMITED 0.00% 0.57 End-of-day quote.-7.32%
WESFARMERS LIMITED 3.17% 57.31 End-of-day quote.13.71%
WOODSIDE PETROLEUM LTD -2.84% 23.27 End-of-day quote.2.33%
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