Australian shares began the week on a strong footing on Monday, with technology stocks leading gains as investors returned to growth sectors while tracking geopolitical developments in the Middle East.
The S&P/ASX 200 Index rose 59.2 points, or 0.7%, to close at 8,823.4, with eight of the 11 sectors finishing higher.
Investor sentiment improved after Axios reported that the United States and Iran had agreed to halt military strikes and meet in Qatar later this week to resume negotiations over the Strait of Hormuz and other issues related to ending the conflict, citing an unidentified U.S. official.
Technology stocks led the market higher. WiseTech Global climbed 7.2%, Xero gained 4.5%, Life360 surged 11.6%, and TechnologyOne advanced 3%.
Healthcare also outperformed, with Cochlear rising 2.6% and ResMed adding 2%.
CSL gained 0.5% despite warning it expects to halt new patient enrolments across the European Union and European Economic Area for Tavneos following a recommendation by the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) to revoke the drug's marketing authorisation after reviewing clinical trial data.
Neuren Pharmaceuticals was the standout performer, surging 36.1% to lead gains on the index after announcing its Rett syndrome treatment Daybue had moved a step closer to European approval.
The Materials sector also finished higher, supported by gains among the major miners. BHP rose 1.4%, Rio Tinto added 0.3%, and Fortescue advanced 2.4%.
Utilities was the weakest-performing sector. APA Group fell 5.2%, Origin Energy lost 1%, and AGL Energy declined 1.1%.
Among individual stocks, Karoon Energy jumped 9.1% after announcing production at its SPS-92 well had resumed and unveiling plans for a new on-market share buyback.
Silex Systems eased 0.4% after announcing the completion of its Quantum Silicon Production Plant (Q-Si), which the company described as the world's first laser-based silicon enrichment facility, located in Sydney.
"Quantum computing is emerging as a critical strategic technology globally, into which governments and corporates, including leading semiconductor companies and hyperscalers, are investing billions of dollars annually," Chief Executive Officer (CEO) and Managing Director Michael Goldsworthy said.
On the bond markets, the Australian 10-year government bond yield was unchanged at 4.758%, while the two-year yield slipped 0.5% to 4.452%.
