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Banks propelled Australian stocks higher for a third straight session on Monday, while money manager Insignia Financial surged on receiving an A$2.87 billion ($1.78 billion) takeover bid from a second suitor.

The S&P/ASX 200 index climbed 0.4% to 8,279.3 points by 2331 GMT.

The benchmark had closed 0.1% lower last week.

Monthly inflation is anticipated to have grown at a faster pace in November compared to the previous two months - its first uptick since May. The data is due on Wednesday.

Financials gained 0.6%, with the “Big Four” banks adding between 0.6% and 0.8%.

Insignia Financial jumped as much as 11.3% to a nearly three-year high of A$3.94 after an A$2.87 billion takeover offer from CC Capital Partners at A$4.30.

The offer is at a 7.5% premium to Bain Capital’s rejected bid of A$4 for the 178-year-old money manager.

Heavyweight miners shed 1.3% in what could be their worst performance since Dec. 19, after iron ore prices dipped last week on the completion of pre-holiday restocking of feedstocks by Chinese steelmakers.

Sector majors BHP, Rio Tinto and Fortescue dropped between 1.2% and 1.9%.

Energy stocks advanced 0.7% after oil prices rose on Friday in lieu of cold weather in Europe and the US and additional economic stimulus flagged by China.

Australian shares fall as miners offset real estate and healthcare gains

Woodside Energy and Santos climbed 0.9% and 0.3%, respectively.

Gold stocks fell 0.2% after bullion was pressured by a strong US dollar on Friday.

Evolution Mining slipped 1%, whereas Northern Star Resources added 0.3%.

Tech stocks rose 1.9% to a nearly one-month high, tracking their US peers. Xero and WiseTech Global added 2.3% and 1.7%, respectively.

New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to 13,048.46 points.

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