Updates to market close

By Nikita Maria Jino

March 3 (Reuters) - Australian equities opened the month on a positive note on Monday as heavyweight mining stocks jumped, coupled with gains in real estate and energy stocks.

The S&P/ASX 200 index .AXJO rose 0.9% to finish the session at 8,245.7 points. The benchmark shed 4.2% in February, its worst month since September 2022.

As local corporate earnings wind down, Australian markets will rely on macroeconomic variables including updates on U.S. President Donald Trump's tariffs and China's National People's Congress meeting scheduled for March 5, Junvum Kim, senior sales trader at Saxo Asia Pacific, said.

Domestic mining stocks .AXMM, accounting for nearly a quarter of the benchmark as per market capitalisation, rose 1.7% due to rising copper prices amid hopes of a stimulus package from top consumer China. MET/L

Mining giants BHP BHP.AX and Rio Tinto RIO.AX rose 1.4% and 3.6%, respectively.

Financial stocks .AXFJ rose 0.2%, with top lender Commonwealth Bank of Australia CBA.AX gaining 0.3%.

"With bank earnings upgrades potentially reaching their end, even ahead of the impact of lower rates, it appears the long-awaited de-rating of the sector may be here," Macquarie analysts said, estimating profit margins for major Australian banks to fall by 1-2 basis points after the central bank's February rate cut.

Real estate stocks added to the benchmark's gains to rise 1.3%, with Australia's largest property developer Goodman Group GMG.AX rising 2.1%.

Energy stocks gained 2%, their highest close since February 14, as oil prices recovered. Sector majors Woodside Energy WDS.AX and Santos STO.AX rose 1.9% and 1.8% respectively. O/R

Investors are eyeing the minutes of the Reserve Bank of Australia's $(RBA)$ February meeting, due on Tuesday, and December-quarter gross domestic product data, due on Wednesday, which would provide cues on the monetary policy path.

New Zealand's benchmark S&P/NZX 50 index .NZ50 snapped a three-day winning run to end 0.4% lower at 12,550.05 points.

(Reporting by Nikita Maria Jino in Bengaluru; Editing by Mrigank Dhaniwala)

((Nikita.Jino@thomsonreuters.com;))

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