Aust shares up more than 1 per cent early

Shares on the Australian market are off to a good start, with a gain of more than 1.0 per cent and most sectors trading higher.

The S&P-ASX200 benchmark index was higher by 66.8 points, or 1.24 per cent, at 5471.6 points after the first 30 minutes of trade on Monday.

The all ordinaries index was 71.5 points, or 1.3 per cent higher, at 5564.3.

Energy was the best-performing sector, up 3.11 per cent.

Oil Search was an early example, higher by almost 6.0 per cent to $3.01.

Financials were down 0.04 per cent but had recovered some losses since 1015 AEST.

ANZ was the only big bank trading higher. Its shares were up by less than 1.0 per cent to $15.50.

Just before the market opened, Village Roadshow said it has started takeover talks with BGH Capital to acquire the cinema and theme park owner for between $429.4 million and $468.5 million.

The Melbourne-based private equity firm 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.

Village’s shares jumped at the news, rising 11.66 per cent to $2.01.

Agribusiness and property group Elders was trading more than 4.0 per cent higher to $9.86.

It reported half-year net profit after tax of $52 million, up a whopping $52.1 million from the same time last year.

Its acquisition of wholesaler Australian Independent Rural Retailers, which supplies agricultural products and services, was largely responsible.

Shareholder dividend is 9.0 cents per share, fully franked, the same as the previous half-year payment.

Miners did well in early trade.

Goldminer Newcrest was higher by more than 5.0 per cent to $31.89.

BHP was up by almost 3.0 per cent to $32.61, Rio was more than 2 per cent better to $87.21 and Fortescue had a more than 3 per cent gain to $12.93.

Health stocks were up 1.31 per cent. Market heavyweight CSL enjoyed a more than 1.0 per cent gain to $306.71.

The Australian Bureau of Statistics on Monday will release data on the coronavirus pandemic’s impact on households.

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 was buying 64.27 US cents at 1030 AEST, down from 64.62 US cents at the close of trade on Friday.