Australian shares rose for a second straight session on Monday, helped by gains in heavyweight banks, as traders focused on full-year earnings reports from blue-chip firms including Commonwealth Bank of Australia and CSL due later in the week.

The S&P/ASX 200 index rose 0.7% to 7,834.4 by 0022 GMT.

The benchmark rose 1.3% on Friday. Banks, which constitute more than a quarter of the benchmark index, rose 1% in early trade and were set for a third consecutive session of gains.

Top lender Commonwealth Bank of Australia will announce its full-year results on Wednesday.

The Big Four banks advanced between 0.7% and 1.4%.

Biotechnology giant CSL climbed 0.8% in its fifth straight session of gains, helping the healthcare index trade 0.9% higher.

CSL will announce its full-year results on Tuesday. Tech stocks jumped 1.5%, while miners and energy stocks were largely flat.

Brent crude futures fell 0.21% to $79.49 a barrel, while US West Texas Intermediate (WTI) crude lost 0.1% to $76.76 per barrel.

The Aussie dollar was 0.04% weaker against the US dollar at A$0.66. Gold stocks rose 1%, with Northern Star Resources and Evolution Mining up 1% and 0.8% respectively.

The US Dow Jones Industrial Average rose 0.13% on Friday, while the S&P 500 gained 0.47% and the Nasdaq advanced 0.51%.

Australian shares hit record high; RBA cautious on inflation

New Zealand’s benchmark S&P/NZX 50 index rose 0.1%, or 14.98 points, to 12,258.44 on Monday, ahead of a central bank policy meeting later in the week.

The Reserve Bank of New Zealand will keep its key cash rate unchanged at 5.50% on Wednesday, a Reuters poll showed, although concerns remain about the economy’s strength.