Shares started the week on a positive note on Monday, with Macquarie shares jumping over $100 for the first time, although losses for Telstra worked to limit upside for the benchmark.
The S&P;/ASX 200 index ended the day up 6 points, or 0.1 per cent, at 5988, while the All Ordinaries added 7 points to 6070. The Australian dollar reached $US76.03 in late trading.
US market moves at the end of last week set Australian shares up for an advance on Monday, after Black Friday boosted technology companies and retailers and lifted the S&P; 500 and the Nasdaq to fresh records.
The Australian index managed to briefly move back to its recent milestone level of 6000 during the session on Monday, trading back at that level for the first time since mid-November.
Gains from the industrial and financial sectors were helping to support the index on Monday. Macquarie was a standout in the banking sector, with the lender ending the day up 0.9 per cent at $100.20 after cracking the $100 level for the first time in its history.
The shares had been threatening to break $100 for some weeks after Macquarie, the world's largest infrastructure manager racheted up full-year earnings guidance at the end of October.
BT Investment Management was another financial-sector standout, rising 4.5 per cent over the session.
Another notable gainer on Monday was engineering group Downer EDI, which ended the day up 5.1 per cent after upgrading its profit guidance. Sydney Airport climbed 0.9 per cent, WorleyParsons advanced 3.8 per cent while a2 Milk rose 2.3 per cent.
RCG Corporation surged 12.7 per cent after retail billionaire Brett Blundy emerged as its biggest single shareholder, after snapping up an 11.8 per cent stake in the footwear retailer.
Telstra shares ended the day down 0.6 per cent, however, after NBN said that it would halt its super-fast broadband rollout. Telstra responded to that announcement by telling investors that it would be taking a look at its full-year financial guidance.
"Telstra will assess the effect of today's announcement in conjunction with the NBN Corporate Plan 2018 on its outlook for FY18 and advise the market once that assessment is complete. The delay in the NBN rollout will delay a proportion of the payments to Telstra from NBN into future periods," it said.
Miners were the worst performers in sector terms on Monday, with South32 sliding 2.6 per cent after JPMorgan downgraded the extractor to neutral.
Gold miner Newcrest declined 1.2 per cent and BHP shares slipped 0.1 per cent.
- With wires
Stock Watch: Artemis Resources
Shares in West Pilbara-based mineral exploration company Artemis Resources slumped 19.7 per cent to 30 cents on Monday. Investors were displeased after a disappointing announcement from its Canada-based joint venture partner Novo Resources with regard to drilling at its Purdy's Reward project. Its shares fell 18 per cent on the Canadian Venture Exchange on Friday after it stated that, after reviewing samples, it is uncomfortable with the current drilling being undertaken as a means of grade estimation. As a result, Novo is reviewing other potential options for collecting bulk samples from drilling. The company has also commenced refurbishment and upgrade works at its Radio Hill Nickel/Copper/Cobalt mine.
Oil
Oil traded near the highest close in more than two years on Monday with traders eyeing an Organisation of Petroleum Exporting Countries meeting this week where discussions over extending supply cuts will likely to be on the agenda. OPEC and Russia have crafted the outline of an agreement to extend curbs to the end of next year, according to people involved in the conversations. In the US, drillers targeting crude added nine rigs last week, according to Baker Hughes. Oil has advanced about 25 per cent since the start of September on speculation OPEC countries and their allies will prolong output reductions to drain a global glut. Brent crude was fetching $63.82 a barrel in late trading on Monday.
Bitcoin
Bitcoin climbed as high as a record $US9,720.95 on Monday and during the afternoon session was up about 16 per cent compared with trading late on Friday. The price of the largest cryptocurrency by market value is soaring as it gains greater mainstream attention despite warnings of a bubble in what not everyone agrees is an asset. Bitcoin has climbed more than 40 per cent over the past two weeks. "Bitcoin has seen another frenzy of buying as the fear of missing out trade bites even harder," analysts at IG Group, a trading-platform operator, wrote in a note Monday. "There are others who see downside risks from the introduction of bitcoin futures," they wrote.
Euro
The euro hit a two-month high versus the dollar and held firm against other major currencies on Monday thanks to strong German business confidence and reduced anxiety about political instability in Europe's biggest economy. The euro fetched $US1.1929, after hitting a high of $1.1946, its highest level in two months. Against the Australian dollar, it was fetching 63.76¢. The German business confidence index hit a record high in November, in another sign of strong growth in the euro zone's largest economy. The upbeat data was followed by positive political developments after German Chancellor Angela Merkel was handed a political lifeline by the Social Democrats
Chinese shares
Chinese shares fell again on Monday, after dropping sharply last week when consumer and technology companies were the hardest hit. The CSI 300 Index of large-cap stocks was down 1.1 per cent, with ZTE Corporation and BOE Technology Group both falling more than 7 per cent. Liquor makers were also lower, including Shanghai-listed Kweichow Moutai whose 1.7 per cent drop left it with a loss of 14 per cent over the seven sessions since state media warned it was climbing too fast. "Institutional investors are choosing to cash in toward year-end as valuations are near historic highs and market sentiment deteriorated after official media targeted Moutai," Shen Zhengyang, Shanghai-based analyst at Northeast Securities told Bloomberg. He added that the market "lacks steam" for further gains.