June 1 (Reuters) – Australian shares rose on Monday as optimism around further easing of pandemic-induced curbs and gains in miners thanks to stronger commodity prices overcame initial losses.
Several Australian states eased social distancing restrictions further, allowing restaurants to host more people and public attractions to reopen, as the country moves to revive its ailing economy.
The S&P/ASX 200 index rose 0.6% to 5,790.3 points by 0208 GMT, after losing some ground at the open as global market sentiment was tempered by fears of a resurgence of the coronavirus in the United States amid riots across many cities there.
The benchmark, which fell 1.6% on Friday, was supported by miners.
ASX 300 metals and mining index rose 1.71% with global miners BHP Group Ltd and Rio Tinto Ltd rising 2.6% and 2.8%, respectively.
China’s most-active Dalian iron ore contract rose as much as 3.3% in early trade.
Gold stocks were also up 0.33% in tandem with higher spot prices, with Bellevue Gold Ltd, up 7.06%, and Alacer Gold Corp, gaining 5.56%
Financial stocks rose 0.59% led by Bendigo and Adelaide Bank Ltd, up 2.44%, followed by AMP Ltd , gaining 2.15%
Shares of top lender Commonwealth Bank of Australia dropped as much as 2.3%.
Energy stocks rose 0.32%, snapping two sessions of losses despite a fall in global oil prices with New Hope Corp Ltd, up 1.85%, and Santos Ltd, gaining 1.49%.
Advancing stocks on the ASX were 817 while 609 declined.
The top percentage gainers on the were Adbri Ltd , up 8.46%, followed by Flight Centre Travel Group Ltd , gaining 6.88% and Austal Ltd, up 6.59%.
New Zealand stock markets were closed for a holiday. (Reporting by Shreya Mariam Job in Bengaluru Editing by Shri Navaratnam)