(Reuters) - Australian shares closed higher on Monday, driven by financials and materials sectors as investors snapped up beaten down stocks after the recent sell-off in global markets.
The S&P/ASX 200 index <.AXJO> closed up 63 points at 5,728.200 to show a 1.1 percent gain - its biggest daily advance in nearly two weeks.
Last week the index lost 4.6 percent amid a rout in global equities over concerns of cooling global growth and trade war tensions.
Dominating the action on Monday, financials stocks <.AXFJ> rose 1.1 percent.
Australia and New Zealand Banking Group <ANZ.AX>, the country's third largest lender by market value, added 1.2 percent, while National Australia Bank <NAB.AX> edged 1.3 percent higher.
Investors await full-year results of both banks this week as the scandal-hit sector remains under intense scrutiny over wrongful charges towards clients.
Meanwhile, a surge Chinese iron ore futures bolstered appetite for materials, especially mining stocks.
The metals and mining stocks <.AXMM> closed 1 percent higher, with the world's biggest miner BHP <BHP.AX> notching a 1.5 percent gain.
The heathcare sector <.AXHJ> also advanced, climbing 2.7 percent, with Biotherapeutics major CSL Ltd <CSL.AX> gaining 3.9 percent.
Among energy stocks <.AXEJ> which also rose, oil and gas producer Woodside Petroleum Ltd <WPL.AX> added 2 percent.
Beach Energy Ltd <BPT.AX> gained 3.3 percent after reporting a surge in quarterly sales and said fiscal year 2019 production would be on the higher-end of guidance.
New Zealand's benchmark S&P/NZX 50 index <.NZ50> ticked up, adding 0.55 percent or 47.14 points to finish the session at 8,615.54.
Online market place provider Trade Me Group Ltd <TME.NZ> was the biggest percentage gainer at close, adding 2.4 percent while sector heavyweight a2 Milk Company Ltd <ATM.NZ> gained 1.1 percent.
(Reporting by Rashmi Ashok in Bengaluru; Editing by Simon Cameron-Moore)
