At closing bell, the benchmark S&P/ASX200 index recovered 19.30 points, or 0.33%, to 5,944.81. The broader All Ordinaries rose 21.16 points, or 0.35%, to 6,129.92.
The Australian share market started the session with a fall of nearly 1% but a strong materials sector and healthy financials sector pulled it higher. Investors took some solace from the government's deal with CSL to manufacture two vaccines - one developed by rival AstraZeneca and Oxford University, and another developed in CSL's own labs with the University of Queensland.
News of Victoria's high hurdles before it emerges from lockdown weighed on sentiment as more business leaders warned of long-term permanent damage. Adding to the dour sentiment was Viva Energy's threat to close the Geelong oil refinery.
The materials sector added the most points on Monday. BHP gained 2.4% to A$37.06, Rio Tinto gained 2.5% to A$97.94, and Fortescue added 2.1% to A$17.88 with iron ore prices still close to $US128 per tonne.
The industrial sector was dragged down by a 2.8% fall in Transurban shares to A$13.74, a 2.2% fall in Sydney Airport to A$5.74, and a 0.7% decline in Brambles to A$10.79.
CSL shares rose 1.1% after it announced it has agreed to manufacture a COVID-19 vaccine being developed by AstraZeneca and Oxford University. It has also agreed to make an alternative vaccine being developed by the University of Queensland.
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