Australian stocks close 2.64pc higher

SYDNEY: Australian stocks jumped 2.64 percent on Monday, buoyed by some solid domestic corporate earnings and Japanese GDP slowing less-than-expected.

At the close, the benchmark S&P/ASX 200 was 110.3 points higher at 4,282.9.

Among companies reporting results, Newcrest Mining announced its net profit in the year to June 30 rose 63 percent to Aus$908 million (US$946 million).

Meanwhile, construction giant Leighton Holdings posted a net loss of Aus$408.8 million, from a Aus$612 million profit a year before, largely due to a series of write-downs.

But its shares jumped more than eight percent after the company forecast a "positive" long-term outlook and a return to profit in fiscal 2012.

In Tokyo, data showed the economy shrank an annualised 1.3 percent in the April-June quarter following the March 11 quake and tsunami -- less than expectations.

The Australian dollar was trading at 104.20 US cents late in the session, up from 102.80 US cents on Friday.

Copyright AFP (Agence France-Presse), 2011