Energy, gold stocks push Australian shares higher

Australian shares rose on Monday, driven by gold stocks on higher bullion prices, while Ampol and Viva Energy lifted the energy index after both fuel suppliers received a massive government funding to keep their refineries open.

The S&P/ASX 200 index was up 0.4% at 7,038.5 points, as of 0057 GMT. While the benchmark gained 0.5% on Friday, it clocked its biggest weekly drop since Feb. 26.

Energy stocks rose as much as 2.1% and eyed their best session in nearly two months, benefiting from a jump in Ampol Ltd and Viva Energy, while higher oil prices also helped.

Ampol and Viva Energy were the top gainers on the benchmark after the government announced A$2.3 billion ($1.79 billion) in support to keep the last two oil refineries operated by the companies open at least until 2030.

Gold stocks gained as much as 4.1% after data showed US retail sales unexpectedly stalled in April and boosted the safe-haven metal's appeal.

The sub-index was on track to record its best one-day gain since April 16.

Heavyweight gold miner Newcrest Mining rose as much as 2.6% to hit its highest in more than three weeks, while Northern Star Resources gained up to 5.3% and eyed its best session in two weeks.

A rebound in major Wall Street indexes, including the tech-heavy Nasdaq further aided sentiment.

Technology stocks in Australia rose 1%, with software maker Xero Ltd rising 4.4% and leading gains on the sub-index.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.4% to 12,412.34 points.

Skycity Entertainment and NZX Ltd were the top gainers on the benchmark, up around 2.4% each.