Australian shares surge

Australian shares rose to a one-week closing high on Monday with Qantas the star performer after the airline cheered investors with a faster-than-anticipated recovery from last year's record loss. The S&P/ASX 200 index climbed 0.7 percent, or 37.4 points, to 5,372.7, reversing all of Friday's 0.6 percent decline. Qantas shares jumped 13.8 percent to A$2.39 - its highest close since February 2011.
Also in favour, the big four local banks notched up solid gains. Investors were relieved that a financial system inquiry calling for stronger capitalisation contained no nasty surprises. New Zealand shares ended a shade firmer, pushing the benchmark NZX 50 index to a fresh record-closing high of 5,529.3.