Australian shares leapt on Monday, gaining 1.7 percent by lunchtime, while New Zealand stocks also tracked global markets higher, boosted by a much-larger-than-expected jump in US job growth. The S&P/ASX 200 index added 91.06 points to 5,321.6 by 0206 GMT. The rally follows solid gains on Wall Street on Friday, when the benchmark S&P 500 touched all-time highs after the job report.
All sectors posted gains, as Australian shares tracked back towards their pre-Brexit high of 5,325.4 points. "The bulls have been proactive this morning, particularly within materials and energy after overnight commodity strength," said Gary Huxtable, client adviser at broker and advisory firm Atlantic Pacific Securities.
Following firming commodity prices in London on Friday, Australia's resource sector shares posted significant gains, with mineral sands explorer Iluka Resources Ltd surging 9.6 percent and mineral explorer Independence Group NL rising 8.47 percent on announcing gold, zinc and copper production within or above guidance. New Zealand's benchmark S&P/NZX 50 index rose 0.7 percent or 48.17 points to 7,048.27. The biggest gainer was New Zealand Refining, which rose 2.55 percent.