Australian shares rode broad-based gains led by materials stocks to close higher on Thursday, tracking a global rally in equities as Italy's political turmoil receded, but health stocks were hit by US President Donald Trump's talk of "voluntary massive drops" in drug prices. The S&P/ASX 200 index rose 0.5 percent or 27.2 points to 6011.9. The benchmark marked a monthly gain of 0.5 percent. Global markets were rattled this week when Italy's two anti-establishment parties scrapped plans to form a coalition but some calm was restored when the parties renewed efforts to collaborate.
Australia's mining stocks closed 1.8 percent higher and contributed most of the gains on the benchmark after commodity shares rose on upbeat metal prices. Global mining heavyweights Rio Tinto and BHP Billiton gained 1.2 percent and 1.8 percent, respectively. The index of financial stocks gave up earlier gains to end flat and Commonwealth Bank of Australia closed at its lowest in almost five years, down 0.4 percent. Healthcare stocks registered most of the losses on the index, down 0.5 percent.
New Zealand's benchmark S&P/NZX 50 index was 0.1 percent or 10.93 points higher at 8,658.79. The benchmark posted its best month since December 2017. Consumer staples and healthcare stocks led gainers on the index, with Synlait Milk and Fisher & Paykel Healthcare up as much as 5.1 percent and 1.4 percent, respectively.
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