SYDNEY: Australian stocks extended gains to 1.1 percent on Monday, marking a fourth day of gains, as investors drew a modicum of comfort from moves by European politicians to work on a resolution to the debt crisis.
The leaders of Germany and France promised on Sunday to unveil a new comprehensive package for solving the euro zone's debt crisis by the end of the month, but offered no details.
The benchmark S&P/ASX 200 index rose 44.2 points to 4,207.1 at 0128 GMT. The index ended 2.3 percent higher on Friday, marking the best weekly performance since September 2010, led by banks and miners.
New Zealand's benchmark NZX 50 index was still down 0.5 percent to 3,365.8.
STOCKS ON THE MOVE
Shares in Arafura Resources jumped 8.5 percent to A$0.64 after the company said it has made a new rare earths discovery near its Nolans Bore deposit in the Northern Territory.
Shares in Extract Resources surged over 10 percent to A$8.86 on expectations it could become a takeover target for a Chinese company which is lining up a bid for Extract's biggest shareholder, Kalahari Minerals .
Shares in Rio Tinto eased 0.2 percent to A$66.29. The miner told Zimbabwe's government it will give up a 51 percent stake in its local diamond unit Murowa, making it the first foreign-owned firm to voluntarily comply with the country's local ownership law.
Shares in rail and ports operator Ltd gained 3.0 percent. The company said it is looking for a new head of its Patrick ports business after Paul Garaty stepped down.
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