The Australian sharemarket advanced on Monday after a late rally in mining stocks, spurred by new stimulus measures announced in China over the weekend, edged the bourse nearer its record closing high.

The S&P/ASX 200 closed 38.3 points, or 0.5 per cent, higher at 8252.2 points, less than 20 points shy of the closing high of 8269.85 set on September 30.

Mining stocks were behind much of the rise, pushing 1.3 per cent higher late in the session as traders ultimately sided on a more positive outlook for the Chinese economy after its Ministry of Finance detailed more incremental government support to stimulate the nation’s ailing economy.

The MoF declined to detail the hard figures on the scale of the fiscal stimulus, as some in the market had hoped. Nonetheless, ING’s head of Asia-Pacific research Robert Carnell noted the signs of further stimulus measures ahead was ultimately positive for the regional giant’s outlook.

“While markets may be impatient for a quick headline number and resolution, the more complicated process behind fiscal stimulus likely means it will still take some time,” he said.

“The signalling remains positive, and we expect more details to continue to roll out in the coming weeks and months.”

Iron ore futures slipped as much as 1 per cent in the opening minutes of trading on Monday only to charge 2.3 per cent higher to $US108.65 per tonne by the end of the session. BHP added 0.9 per cent to $43.80, Rio Tinto rose 1.2 per cent to $121.00 and Fortescue gained 2.8 per cent to hit $20.02.

Gold miners are among the best performing on the ASX: Regis Resources added 6 per cent to $2.29, Bellevue Gold rose 4.4 per cent to $1.42 and West African Resources gained 3.8 per cent to $1.50. The precious metal added around 1 per cent to $US2656.29 an ounce in last week’s final session before holding much of that gain during trading on Monday.

Stocks on the move

In corporate news, TPG Telecom agreed to sell its fibre network to the Macquarie and Aware Super-owned Vocus Group for up to $5.25 billion. Shares fell 4.1 per cent lower to $4.88.

Web Travel Group, which was created in a demerger of Webjet earlier this month, slumped 35.6 per cent to $4.53 following a disappointing results update. The company said margins in its European WebBeds business remain subdued.

Online jobs listings platform Seek put in a $45 million buyout offer for fellow ASX-listed Xref, which develops technology for the human resources sector. Seek rose 1.1 per cent to $25.24 while Xref soared 51.9 per cent to 20.5¢.

Lifestyle Communities managing director and co-founder James Kelly will step down from the retirement village operator at the end of the year. The news sent the shares down 2.6 per cent to $9.15.

Data provider Appen has closed its $50 million capital raise, where shares were issued at $1.92 apiece – an 11.5 per cent discount to the most recent close. Despite falling earlier in the session, the stock rallied 7.4 per cent higher to $2.33.