Australian shares finish higher on Wall St gains

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Australian shares finished the session up 0.5 percent on Monday underpinned by a broad rally as upbeat economic data propelled Wall Street to record highs.

Stocks with a large exposure to the U.S. gained on the weaker Australian dollar.

The S&P/ASX 200 index lifted 28.2 points to finish at 5,209 after trading near fresh five-year highs of 5,246.9 earlier in the session. The index rose 0.3 percent on Friday.

 

Companies with largely U.S. dollar-based earnings benefit when overseas profits are converted to weakened Australian dollars.

Insurance firm QBE Insurance Ltd jumped 1.8 percent while pallets supplier Brambles Ltd rose 0.6 percent.

Financials also rallied. Westpac Banking Corp climbed 1.4 percent while top lender Commonwealth Bank of Australia finished the session 0.4 percent higher after hitting an all-time high of A$74.18 during earlier trade.

New Zealand's benchmark NZX 50 index finished flat, up 0.8 points to 4,598.6. (Reporting by Thuy Ong; Editing by Eric Meijer)

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