At closing bell, the benchmark S&P/ASX200 advanced 60.21 points, or 0.83%, to 7,333.50. The broader All Ordinaries added 59.64 points, or 0.79%, to 7,604.90.
Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Material (up 2.2%) was top performing sector, followed by realty (up 1.2%), information technology (up 0.8%), healthcare (up 0.75%), and financial (up 0.6%) sectors. Consumer staple (down 0.4%) was worst performing sector.
The best performing stocks in the S&P/ASX200 were NRW Holdings (up 12%), Mineral Resources (up 4.2%), Nickel Mines (up 3.8%), Viva Energy Group (up 3.4%), and Fortescue Metals Group (up 3.3%), while the bottom performing stocks were Redbubble (down 2.9%), The Star Entertainment Group (down 2.2%), Omni Bridgeway (down 1.7%), Megaport (down 1.5%), and Washing H Soul Pattinson (down 1.5%).
Shares of Australian Pharmaceutical Industries surged after the company said it received an acquisition proposal from retail and industrial conglomerate Wesfarmers that valued the pharmacy chain operator at A$679.9 million.
ECONOMIC NEWS: Australia Building Permits Down 7.1% On Month In May- Australia total number of building permits was down a seasonally adjusted 7.1 percent on month in May, the Australian Bureau of Statistics said on Monday, coming in at 20,163, following the 5.7 percent decline in April. On a yearly basis, building permits surged 52.7 percent.
CURRENCY NEWS: The Australian dollar changed hands at $0.7468, still below levels above $0.755 seen last week.
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