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

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.