However, market gains capped after latest economic data showed a mixed picture of Chinese manufacturing activity in October and on caution ahead of the Reserve Bank of Australia's monthly policy meeting on Tuesday.
At closing bell, the benchmark S&P/ASX200 advanced 47.04 points, or 0.64%, to 7,370.78. The broader All Ordinaries index rose 53.09 points, or 0.69%, to 7,692.16.
Total 7 of 11 sectors ended lower. The consumer staple was session's worst performing sector, falling 4%, followed by materials (down 2.9%), energy (down 2.8%), utilities (down 2.6%), and real estate (down 2.2%). Healthcare was the best performing sector, gaining 2.8%.
The top performing stocks in this index were OROCOBRE and BLACKMORES, up 5.8% and 5.5% respectively. The bottom performing stocks in this index were WESTPAC BANKING CORP and RESMED INC, down 7.4% and 4.9% respectively.
Seven West Media shares rose by 14.3% after announcing its acquisition of Prime Media (PRT) for $121.9m. PRT shares surged 73.9% as the offer was 57% premium to its Friday closing price. PRT offers free-to-air television broadcasting services under PRIME7 brands in regional areas. SWM said the deal provides advertisers a single platform to reach their audience.
Shares of Westpac Banking Corp was down 7.4%, after handing down its full year results. Cash earnings rose by 105% to $5.4bn for the year, flagged a $3.5bn off-market buyback of shares and a 60-cent final dividend (close to twice the 31-cent payment made 12 months ago). However, the second half of the year was more challenging, with a lift in costs and worsening margins.
ResMed shares slumped 4.9% on profit taking, followed a 4% lift on Friday after handing down a 20% improvement in quarterly sales thanks to its sleep apnea mask sales.
ECONOMIC NEWS: Australia New Home Loans Down 2.7% On Month In September- Australia total value of owner-occupied home loans was down a seasonally adjusted 2.7% on month in September, the Australian Bureau of Statistics said on Monday, coming in at A$20.69 billion, following the 6.6% plunge in August. Investment lending was up 1.4% on month at A$9.62 billion and overall home loans fell 1.4% on month to A$30.31 billion. On a yearly basis, owner-occupied home loans gained 20.8%, while investment lending skyrocketed 83.2% and overall home loans jumped 35.5%.
CURRENCY NEWS: The Australian dollar changed hands at $0.7511, following a decline from above $0.753 late last week.
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