Australian shares rose 0.6 percent on Monday, boosted as BHP Billiton rallied in heavy volumes after it hosed down speculation it was preparing to spend billions buying Woodside Petroleum, Australia's largest oil and gas company. China's first quarterly trade deficit since 2004 also boosted demand for Australian exporters of commodities such as iron ore.
BHP shares rallied 3.8 percent to A$49.55 while Rio Tinto added 2.4 percent to A$88.30. The benchmark S&P/ASX 200 index gained 30.6 points to 4,971.2, according to the latest data, a one-year high. New Zealand's benchmark NZX 50 index rose 0.5 percent to 3,461.3.