(Reuters) - Australian shares advanced to a seven-week high on Monday, led by broad based gains, with banks being the dominant contributor.
The S&P/ASX 200 index <.AXJO> rose 0.5 percent or 29.10 points to 5,982.70 at the close of trade. The benchmark added 0.7 percent on Friday.
Banks were seeing a relief rally after the resignation of wealth manager AMP's chairwoman, said Michael McCarthy, chief market strategist at CMC Markets.
Banks led the gainers on the benchmark, with Westpac Banking Corp <WBC.AX> climbing 1.2 percent, its biggest one-day gain in nearly three-weeks, while National Australia Bank Ltd <NAB.AX> strengthened 1.3 percent.
AMP Ltd <AMP.AX> traded 0.5 percent higher, snapping a 10-day losing streak.
The wealth manager announced the resignations of its chairwoman and legal counsel on Monday and slashed its directors' fees by a quarter, as it tries to contain the fallout from damaging revelations of misconduct at a judicial enquiry, known as a Royal Commission.
Real estate stocks were also firmer, with Stockland Corporation Ltd <SGP.AX> surging 3.2 percent to a six-week high, while Goodman Group Pty Ltd <GMG.AX> rose 1.2 percent to its highest in almost 10 years.
In New Zealand, the benchmark S&P/NZX 50 index <.NZ50> jumped 0.9 percent or 73.21 points to finish the session at 8,443.58.
Utilities and consumer staples underpinned the bullish trend, with Meridian Energy Ltd <MEL.NZ> climbing 1.7 percent to a more than six-week high, while Synlait Milk Ltd <SML.NZ> rose 2.6 percent.
(Reporting by Aditya Soni in Bengaluru; Editing by Kim Coghill)
