Australian shares rose on Thursday, helped by mining and energy stocks on strong commodity prices, while troubled casino owner Crown Resorts surged about 9% to be among top gainers on the benchmark index after a sweetened offer from Blackstone.
The S&P/ASX 200 index rose 0.4% to 7,438.9 points by 2327 GMT, extending gains from the previous session.
Capping the gains was caution among investors after latest US inflation data showed surging price pressures could reinforce bets that the Federal Reserve will soon be raising interest rates.
Australia shares poised to open lower, NZ rises
Crown Resorts' leap was its highest in more than seven months after US investment giant Blackstone Inc's raised offer valued the company at A$8.87 billion ($6.46 billion).
Among indexes, miners led the gains with their jump of 1.8% to their highest level since mid-August last year. This was also their fifth straight day of advances.
Nickel Mines Ltd hit a record high, up as much as 4.2%, as nickel prices soared on supply fears.
The energy sub-index climbed 1.5% to its highest level in over two months as oil prices reached two-month highs.
Coal miner Whitehaven Coal Ltd and Beach Energy were up 3.5% and 4%, lifting the sub-index further.
Gold stocks gained for a third straight day, up 0.6%, as bullion prices strengthened over a weaker dollar.
Heavyweight financial shares also added 0.3%, with banking major Australia and New Zealand Banking Group Ltd rising 0.6%, while National Australia Bank Ltd was up 0.7%.
Tech stocks, however, took a beating, losing 0.6%, even as its US peers gained overnight.
New Zealand's benchmark S&P/NZX 50 index rose 0.2% to 12,824.32 points. In other markets, the tech-heavy Nasdaq gained 0.2% overnight, while the S&P 500 E-minis futures were up 2.75 points.
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