(Updates to close)
Sept 5 (Reuters) - Australian shares snapped a three-session run of losses to close higher on Monday as weaker-than-expected U.S. payrolls data diminished the chances of a Federal Reserve rate hike this month. S&P/ASX 200 index .AXJO finished 56.8 points, or about 1.1 percent, higher at 5429.6. The benchmark closed 0.8 percent lower on Friday and lost about 2.6 percent on the week.
Basic materials and financials drove the gains, with gold stocks Evolution Mining EVN.AX and Northern Star Resources NST.AX among the biggest gainers at 6.7 percent and 4.2 percent respectively.
Miner Rio Tinto (LON:RIO) Ltd RIO.AX added 1.5 percent, while BHP Billiton (LON:BLT) Ltd BHP.AX finished 2.5 percent higher.
Investors are waiting for Reserve Bank of Australia's (RBA) policy meeting on Tuesday, where the central bank is expected to hold its cash rate steady at a record low of 1.5 percent. ECONASIA
Data earlier in the day showed company gross operating profits jumped about 7 percent last quarter, handily topping consensus estimates of 2 percent, and reinforcing expectations of the RBA standing pat on rates. Zealand's S&P/NZX 50 index .NZ50 was up 0.9 percent, or 65.9 points, to finish at a record high of 7492.03.
The benchmark closed higher for a fifth consecutive session.
Beauty products maker Comvita Ltd CVT.NZ and Air New Zealand AIR.NZ were the biggest gainers on the benchmark, up 6 percent and 3.3 percent respectively.