Australian shares rose in a quiet session ahead of the Australia Day public holiday, led by Fortescue Metals Group, which advanced more than 4 per cent following an enthusiastic reception to Friday’s trading update.

The S&P/ASX 200 Index rose 24.3 points or 0.36 per cent to 6824.69 on Monday. The All Ordinaries added 0.46 per cent to 7111.39.

Fortescue shares put on 4 per cent to $25.30. The iron ore producer on Friday forecast first-half net profit of $US4 billion to $US4.1 billion when it reports on February 18. Iron ore traded in the spot market fell 0.9 per cent to $US169.97 a tonne for 62 per cent-grade ore, according to Fastmarkets MB.

BHP Group added 1 per cent to $46.62 and Rio Tinto 2 per cent to $121.77. Fortescue’s record high of $26.40 was set January 8.

Wesfarmers closed at a record $54.34, up 1.7 per cent, as did four wheel drive accessories maker ARB, up 2.7 per cent to $34.46.

Vesna Poljak has the full market wrap here.