Australian shares rallied 0.8 percent, pulling away from...

Australian shares rallied 0.8 percent, pulling away from earlier 2-1/2-year lows on Monday as a Wall Street bounce brought relief to hard-hit resource companies and helped stocks recoup some of last week's heavy losses.

New Zealand stocks, meanwhile, soared on takeover news. The Australian share price index futures YAPcm1 rose 1.1 percent, or 51.95 points to 4,814.00 by 01:27 GMT. The benchmark shed more than 4 percent last week, its second largest decline this year.

Global miners lead the charge after a 12 percent surge in oil prices on Friday brightened the mood following another tough week for commodities.

BHP Billiton (BHP) and Fortescue Metals (FMG) rose more than 5 percent each, while Rio Tinto (RIO) added 2.8 percent.

Helping on Monday were better-than-expected earnings results with Broadspectrum (BRS) jumping 6 percent, after its first half net profit tripled, while the company also upgraded earnings guidance. The firm manages Australia's offshore immigration detention camps.

Packaging firm Amcor (AMC) was another strong performer, up 8.7 percent after strong growth in tobacco packaging businesses.

But there was not much love for top coal rail hauler Aurizon Holdings (AZJ), down 8 percent after it reported a 23 percent slide in first-half core profit. It also warned of little growth prospects.

New Zealand's benchmark S&P/NZX 50 index (nz50) rose 1.4 percent or 83.7 points to 6,017.66 as Nuplex (NPX) and Diligent (DIL) soared on takeover news.

Nuplex (NPX) jumped 29.5 percent after it received a takeover bid from Belgium-based speciality chemicals manufacturer Allnex Belgium SA/NV that values the company at around NZ$1.05 billion.

Hamilton Hindin Greene Investment Advisor Grant Williamson said investors had responded positively but noted the offer is highly conditional and many investors may wait to see how it plays out although there will also be some quick profit takers.

Diligent (DIL) jumped 26 percent on news Insight Venture Partners is looking to buy it for NZ$4.90 per share in cash, which values Diligent at NZ$624 million.

He noted the company was largely viewed as "ripe for the picking" as most of its business is done in the U.S. and "normally when you get to a certain size you come on the radar," he said.