Banks push Australian shares higher, corporate earnings in focus

Aug 12 - Australian shares rose for a second straight session on Monday, helped by gains in heavyweight banks, as traders focused on full-year earnings reports from blue-chip firms including Commonwealth Bank of Australia and CSL due later in the week.

The S&P/ASX 200 index rose 0.7% to 7,834.4 by 0022 GMT. The benchmark rose 1.3% on Friday.

Banks, which constitute more than a quarter of the benchmark index, rose 1% in early trade and were set for a third consecutive session of gains.

Top lender Commonwealth Bank of Australia will announce its full-year results on Wednesday. The Big Four banks advanced between 0.7% and 1.4%.

Biotechnology giant CSL climbed 0.8% in its fifth straight session of gains, helping the healthcare index trade 0.9% higher. CSL will announce its full-year results on Tuesday.

Tech stocks jumped 1.5%, while miners and energy stocks were largely flat.

Brent crude futures fell 0.21% to $79.49 a barrel, while U.S. West Texas Intermediate crude lost 0.1% to $76.76 per barrel.

The Aussie dollar was 0.04% weaker against the U.S. dollar at A$0.66.

Gold stocks rose 1%, with Northern Star Resources and Evolution Mining up 1% and 0.8% respectively.

The U.S. Dow Jones Industrial Average rose 0.13% on Friday, while the S&P 500 gained 0.47% and the Nasdaq advanced 0.51%.

New Zealand's benchmark S&P/NZX 50 index rose 0.1%, or 14.98 points, to 12,258.44 on Monday, ahead of a central bank policy meeting later in the week.

The Reserve Bank of New Zealand will keep its key cash rate unchanged at 5.50% on Wednesday, a Reuters poll showed, although concerns remain about the economy's strength.

This article was generated from an automated news agency feed without modifications to text.