The mining giants have led the Australian bourse higher as gold and copper hit all-time highs and the local currency reached its highest level since the start of the year.
The benchmark S&P/ASX200 index made up most of Friday's losses on Monday, gaining 49.3 points, or 0.63 per cent, to 7,863.7, while the broader All Ordinaries rose 49.8 points, or 0.62 per cent, to 8,132.1.
Six of the ASX's 11 sectors finished higher, four closed lower and telecommunications ended flat.
Energy was the biggest gainer, climbing 2.2 per cent as oil prices rose following the deaths of Iranian president Ebrahim Raisi and foreign minister Hossein Amir-Abdollahian in a helicopter crash.
Woodside and Santos both rose 2.1 per cent as Brent crude changed hands at a 10-day high of $US84 a barrel, while Paladin Energy rose 7.6 per cent to a 13-year high of $17.48 amid strong gains for uranium producers.
The materials sector added 1.9 per cent, in part thanks to renewed confidence in China's economy after Beijing on Friday announced interventions to prop up its ailing real estate sector, as well as surging copper and gold prices.
Copper was trading at more than $US5 a pound for the first time following an apparent short squeeze, while gold had hit an all-time high of $US2,450 an ounce, up from about $US2,380 last week.
"While geopolitical risks continued to bolster haven demand, an impressive rise in China’s gold demand in Q1 2024 has largely fuelled the price rally," ANZ commodity strategists Daniel Hynes and Soni Kumari said in a report.
BHP rose 1.9 per cent to a one-month high of $45.72 , Fortescue added 1.1 per cent to a three-month high of $27.24 and Rio Tinto grew 2.8 per cent to a four-month high of $135.87.
As for goldminers, Evolution rose 5.2 per cent to a three-month high of $4.06, Newmont added 4.0 per cent to $66.37 and mid-tier miner Bellevue Gold climbed 7.5 per cent to a one-month high of $2.02
The Big Four banks all finished higher, with Westpac rising 0.8 per cent to $26.97, CBA and NAB both gaining 0.6 per cent, to $121.77 and $34.73 respectively and ANZ edging 0.2 per cent higher at $28.18.
Star Entertainment Group surged 20 per cent to a one-month high of 54c after the embattled casino operator confirmed it had received multiple tentative takeover offers, including from a consortium that includes the local partner of Hard Rock Hotels and Casinos.
Gentrack Group soared 19.3 per cent to $8.60 after the New Zealand producer of software for utilities and airports said its half-year revenue was up 21 per cent to $102 million, compared to a year ago.
Fellow software firm Nuix rocketed 25.2 per cent to a two-year high of $2.98 after the data intelligence company announced it was likely to exceed its target of growing revenue by 10 per cent following a significant multi-year deal win.
On the flip side, Michael Hill International had dropped 21.3 per cent to a more than three-year low of 48c after the jewellery chain said sales for its core brand were still negative to last year in the 45 weeks to May 12.
The positive sales momentum Michael Hill had expected in the second half hasn't materialised and margins remain under pressure.
The Australian dollar was at its highest level since early January against its American counterpart, buying 67.00 US cents, from 66.74 US cents at Friday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 closed on Monday up 49.3 points, or 0.63 per cent, to 7,863.7.
* The broader All Ordinaries gained 49.8 points, or 0.62 per cent, to 8,132.1.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.00 US cents, from 66.74 US cents at Friday's ASX close
* 104.30 Japanese yen, from 103.95 Japanese yen
* 61.55 Euro cents, from 61.43 Euro cents
* 52.73 British pence, from 52.69 pence
* 109.34 NZ cents, from 109.01 NZ cents.
