Australia Stocks climb on gold, energy boost

The Australian share market finished session higher on Monday, 17 May 2021, on tracking a sharp rebound on Wall Street last Friday, with heavyweight gold stocks led rally on the strength of bullion prices, while Viva Energy and Ampol boosted the energy index after both fuel suppliers received a massive government funding to keep their refineries open.

At closing bell, the benchmark S&P/ASX200 advanced 9.32 points, or 0.13%, to 7,023.56. The broader All Ordinaries added 16.46 points, or 0.23%, to 7,255.83.

Gold stocks climbed as bullion prices hit over three-month high on worries over surging Covid-19 cases in some Asian countries boosted its demand. Sector-heavyweight Newcrest Mining gained 2.9% to A$28.4.

Australian energy stocks jumped, with Ampol and Viva Energy led gains after the government decided to pay its last two oil refineries up to $1.8 billion to stay open.

Casino giant Crown Resorts rose 0.9% after its board officially rejected the improved $8.3 billion takeover offer from U.S. private equity group Blackstone.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.272 after a recent decline from above 90.8. The Australian dollar changed hands at $0.7763, following last week's decline from levels above $0.78.

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