Australian shares hit a fresh high on Monday as mining stocks jumped more than 1%, while rare earth producer Lynas hit its highest level since January 2013 after reporting record quarterly revenue.

The S&P/ASX 200 had risen 0.2% to 7,408.30 points by 1247 GMT, extending gains to a fourth straight session.

Miners led the charge with a more than 1% rise, with Lynas Rare Earths, the biggest winner on the benchmark index.

Australian shares fall after Wall Street sell-off; Oil Search jumps

Lynas on Monday reported a record fourth-quarter revenue as robust demand led to a jump in sales of the metals it mines, offseting weaker prices.

Wall Street indexes gained on Friday, driven by upbeat earnings and signs of an economic revival.

At home, Victoria state on Monday reported fewer new COVID-19 cases, raising hopes of an end to a lockdown as planned, even as neighbouring New South Wales looked set to extend its strict stay-home orders.

Capping gains in Australian stocks was the gold subindex , which slipped 1.6% as bullion prices fell. De Grey Mining and Resolute Mining declined 3.8% and 3%, respectively.

Energy stocks also gave up more than 1%, with Whitehaven Coal and Ampol falling about 2% each.

Elsewhere, Japan's Nikkei was up 1.6% at 27,975.64 points, while the S&P 500 E-minis futures were down 0.2%.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index was down 0.1% at 12,722.50 points.