Australian shares rose on Monday to touch their highest in more than a month, lifted by mining stocks, as worries eased after a Russian bond payment averted a historic sovereign default, although gains were capped by energy and gold sectors.
The S&P/ASX 200 index was up 0.6% at 7,340.00, as of 2355 GMT - its highest level since Feb. 17.
The benchmark also rose for a fourth consecutive session.
The Russian finance ministry had announced on Thursday it had sent funds to cover $117 million in coupon payments on two dollar-denominated sovereign bonds that were due last week.
Australia shares set to open higher, NZ rises
Global markets also continued to digest the US Federal Reserve’s interest rate hike last week and its aggressive plan for further increases to combat soaring inflation.
Australian miners added 0.7% in their fourth straight day of gains, as iron ore prices scaled a one-week high on Friday. Sector heavyweights Rio Tinto, Fortescue Metals Group and BHP Group rose 0.4%-1.7%.
Financials advanced 0.3%, with the country’s four largest lenders rising between 0.9% and 0.5%.
Technology stocks tracked their US peers higher to climb 3.6%, their highest level since Feb. 10.
ASX-listed shares of Block Inc jumped 9%, while Xero, and WiseTech Global climbed 4.3% and 1.6%, respectively.
Energy stocks, meanwhile, shed 0.3% after oil prices posted a second straight weekly loss despite settling higher on Friday.
Oil and gas explorers Woodside Petroleum and Santos were down 0.5% and 0.3%, respectively.
Gold stocks dropped 1.9% as demand for the safe-haven metal was hit by hopes of progress in peace talks between Russia and Ukraine, as well as the fallout from a US interest rate hike.
Northern Star Resources and Newcrest Mining fell 1.7% and 2%, respectively.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.1% to 12,186.92.
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