Australian shares extended rally for fourth session on Monday, hovering around 10-year highs as investors drew confidence from Wall Street after it capped off a strong week.
The S&P 500 and Nasdaq logged their best weekly gains in over a year on Friday as technology stocks boosted major indexes to records, reports Reuters.
In Sydney, the S&P/ASX 200 index advanced 0.3 per cent or 17.5 points by 2350 GMT. The benchmark rose 0.7 per cent on Friday.
Financials accounted for nearly half the gains on the index, with Commonwealth Bank of Australia rising 0.7 per cent to a near five-month peak.
Other banks in the “Big Four” notched gains of between 0.4 per cent and 0.8 per cent.
Healthcare stocks were also sought out in early trade, with CSL Ltd and Cochlear Ltd climbing 0.9 per cent and 2.4 per cent, respectively.
Real estate investment trust DEXUS Property Group was among the top gainers on the index, up 1.8 per cent to a near three-week high.
Insurer Suncorp Group limited the market’s upside, slipping 1.4 per cent to an over two-month low after it flagged a A$160 million - A$170 million hit to its half-year earnings due to a hailstorm that pelted Melbourne in December.
Gold miner Newcrest Mining dropped 1.2 per cent, while mining heavyweights BHP Billiton and Rio Tinto shed 0.4 per cent each.