(Reuters) - Australian shares finished slightly higher on Monday as gains in financials and real estate stocks outweighed a fall in materials stocks on lower commodities prices.
The S&P/ASX 200 index <.AXJO> erased small early losses to close 0.2 percent or 10.10 points higher at 6,104.100. The benchmark rose 1.3 percent on Friday.
Banks led the gainers, with the financial index <.AXFJ> rising 0.8 percent to its highest since May 29.
Damian Rooney, director of equity sales at Argonaut, said banking stocks might be benefiting from a weaker Aussie dollar.
The Australian and New Zealand dollars softened to multi-month lows on Monday. [AUD/]
Index heavyweight Commonwealth Bank of Australia <CBA.AX> firmed 1 percent to its highest since June 6, while Australia and New Zealand Banking Group Ltd <ANZ.AX> jumped 1.4 percent to a near three-week high.
Real estate stocks also advanced, with Goodman Group Pty Ltd <GMG.AX> rising 2.1 percent to its highest in nearly 10 years.
Materials accounted for most of the losses as copper prices extended their slide.
Global miner BHP <BHP.AX> fell 2.4 percent to its lowest since June 5 and rival Rio Tinto Ltd <RIO.AX> slid about 2 percent.
In New Zealand, the benchmark S&P/NZX 50 index <.NZ50> slipped fractionally, shedding 1.52 points to finish the session at 8,974.23.
Consumer staples and industrials stocks led declines, with dairy firm a2 Milk Company Ltd <ATM.NZ> slipping 1.7 percent, and Auckland International Airport Ltd <AIA.NZ> fell 1.5 percent to a near two-week low.
(Reporting by Aditya Soni in Bengaluru; Editing by Richard Borsuk)
