By Christina Martin
Jan 15 (Reuters) - Australian shares climbed on Monday, with material and financial stocks leading the gains following a jump in commodity prices and record closing highs on Wall Street.
Zinc prices touched a decade-peak on Friday, supported by potential shortages and low inventories, while Wall Street continued its rally as fourth-quarter earnings kicked off with strong results from banks. .N MET/L
The S&P/ASX 200 index .AXJO rose 0.3 percent, or 18.3 points, to 6,088.4 by 0033 GMT.
"We had some very strong gains on Friday night in Europe and the U.S., so it is likely that all of the markets across the Asia-Pacific region will see positive starts today," said Michael McCarthy, chief market strategist at CMC Markets.
"We are also seeing good support for commodity prices, and given Australia's exposure to those sectors, that's also a positive for the market."
Australia's metals and mining index .AXMM rose as much as 1.6 percent to a five-year high.
That index is "leading the charge, and does look like the sector to watch," said McCarthy.
BHP Billiton (LON:BLT) Ltd BHP.AX gained as much as 2 percent to its highest in more than three years, while fellow mining heavyweight Rio Tinto (LON:RIO) Ltd RIO.AX jumped to a more than six-year high, rising as much as 1.4 percent.
Further pushing materials up were gold stocks .AXGD , on track to gain for a third straight session. They rose as much as 2.5 percent, as the yellow metal hit a four-month high on a weakening U.S. dollar. GOL/
The top gainer on Australia's main index was Evolution Mining Ltd EVN.AX , rising as much as 4.7 percent and posting its biggest intraday percentage gain in nearly five months.
Financial stocks .AXFJ climbed as much as 0.5 percent, with the 'Big Four' banks adding between 0.3 percent and 0.7 percent.
New Zealand's benchmark S&P/NZX 50 index .NZ50 inched up 0.098 percent, or 8.06 points, to 8,250.41, with utilities, materials and industrial stocks outperforming other sectors.
Metro Performance Glass Ltd MPG.NZ jumped as much as 2.1 percent and was the biggest gainer on the index.