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Australian shares rose to a one-week closing high on Monday with Qantas, the star performer, after the airline cheered investors with a faster-than-anticipated recovery from last year’s record loss.
The S&P/ASX 200 index climbed 0.7 per cent, or 37.4 points, to 5,372.7, reversing all of Friday’s 0.6 per cent decline.
Qantas shares jumped 13.8 per cent to A$2.39 — its highest close since February 2011.
Also in favour, the big four local banks notched up solid gains. Investors were relieved that a financial system inquiry calling for stronger capitalisation contained no nasty surprises.
New Zealand shares ended a shade firmer, pushing the benchmark NZX 50 index to a fresh record-closing high of 5,529.3.
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