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Australian stocks rose 0.25 percent on Monday to their best level in nearly three weeks, buoyed by the energy sector as oil prices reached fresh highs and a further rebound in banking stocks.
The benchmark S&P/ASX 200 index closed up 8.8 points at 3,544.9 according to latest available data, building on last week's 1.5 percent gain.
Turnover was well below the A$2.2 billion average at A$1.3 billion ($900 million), sapped by a bank holiday in New South Wales.
US oil prices struck a new 21-year peak, climbing close to $44 a barrel after the United States on Sunday raised its security alert to high for a possible al Qaeda attack on a top financial institution.
That boosted the allure of oil and gas producers like Woodside Petroleum and Santos Gains in the oil and gas sector accounted for about a third of the benchmark index rise.
Woodside was further propelled by an upgrade to its first-half earnings. The company said net profit in the six months ended June 30 was likely to exceed forecasts by 10 percent.
Woodside shares jumped to a new high of A$18.84, before closing at A$18.70, up 4 percent, while Santos put on 2.1 percent to A$7.40, after earlier hitting a 7-year high of A$7.45.
Gold miners were also favoured with Lihir Gold advancing 3.7 percent to A$1.13 after gold prices rose on the back of renewed US dollar weakness, triggered by disappointing US economic data.
Latest US data showed the US economy grew at a weaker-than-expected 3 percent annual rate in the second quarter, after an upwardly revised 4.5 percent clip at the start of the year, as high energy cost dampened consumer spending.
Among the banks, embattled National Australia Bank gained 0.5 percent to A$26.80 after Standard & Poor's said the bank's rating was not affected by a dampened outlook for profitability in 2004 and 2005.

Copyright Reuters, 2004

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