The financial sub-index advanced with No. 1 lender Commonwealth Bank of Australia and National Australia Bank gaining 0.5 per cent and 0.7 per cent, respectively.
Meanwhile, Wall Street stocks hit new highs overnight on renewed hopes that the United States and China would reach a"phase one" trade pact to end their bruising tariff war before the end of the year. Caltex Australia surged 12.7 per cent to a 15-month high, after announcing a A$8.61 billion revised indicative takeover offer from Canadian convenience store operator Alimentation Couche-Tard Inc.
Rio Tinto rose 0.7 per cent, while Fortescue Metals Group Ltd added as much as 2.2 per cent to its highest since July 2008, as demand concerns fuelled a rise in iron ore prices.
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