Shares on the Australian market have climbed in morning trade to be more than 1.0 per cent higher, with miners doing particularly well.
The S&P/ASX200 benchmark index was higher by 73.2 points, or 1.35 per cent, at 5478 points at 1200 AEST on Monday.
The All Ordinaries index was 80.3 points, or 1.46 per cent higher, at 5573.1.
Materials was the best performing sector, up 3.83 per cent.
BHP was up by more than 3.0 per cent to $32.88, Rio was more than 4.0 per cent better to $89.44 and Fortescue had a more than 6.0 per cent gain to $13.40.
Goldminer Newcrest enjoyed a rise of more than 5.0 per cent to $32.02.
Four private equity firms are the leading candidates to buy Virgin Australia, the biggest regional casualty of the coronavirus crisis in the global aviation industry.
Melbourne-based BGH Capital and American private equity firms Bain Capital, Indigo Partners and Cyrus Capital Partners made the shortlist from bids submitted last week, according to Reuters.
Back on the market, shares in Village Roadshow have surged by more than 12 per cent to $1.98 after it started takeover talks with private equity firm BGH Capital.
Melbourne-based BGH is looking to acquire the cinema and theme park owner for between $429.4 million and $468.5 million.
BGH would pay at least $2.20 a share and up to $2.40 a share if Village Roadshow’s Gold Coast theme parks and cinemas have reopened by the time shareholders meet to approve the transaction.
Agribusiness and property group Elders was trading more than 8.0 per cent higher to $10.19 after reporting a 90 per cent gain in half-year profit.
Elders reported half-year statutory net profit after tax to March 31 of $52 million, although shareholders received the same dividend of 9.0 cents per share as this time last year.
Elders’ acquisition of wholesaler Australian Independent Rural Retailers, which supplies agricultural products and services, was largely responsible for the result.
Telecommunications provider Superloop, which operates fibre networks for businesses, had its share price jump more than 18 per cent to $1.16 after reporting strong third quarter sales.
Superloop has fielded a surge in traffic, particularly from video conferencing, during the pandemic.
The financial sector and big four banks were among the minority to be trading lower.
The big four were trading less than 1.0 per cent lower.
Health stocks were up 1.13 per cent. Market heavyweight CSL enjoyed a more than 1.0 per cent gain to $305.52.
More Australians have returned to work this week and cafes, restaurants and pubs have reopened – albeit at reduced capacity – as part of eased coronavirus restrictions.
However, government leaders warn the number of infections will climb as people mingle in greater numbers.
The Australian dollar gained ground during the morning and was buying 64.42 US cents at 1200 AEST, down from 64.62 US cents at the close of trade on Friday.