Market Wrap / short climb

The local market edged higher on Monday, reversing some of the losses in the previous four sessions.

The S&P/ASX 200 index closed higher by 0.2% to 7,962.3, with gains across most sectors led by iron ore miners and energy stocks.

BHP added 0.8%, Rio TInto was up 3.4% but Fortescue fell 0.4%.

Oil stocks were mostly higher, with Woodside Energy gaining 1.9% and Santos 1.3%.

Australian insurers gained after Cyclone Alfred was downgraded to a tropical low. Suncorp rose 2.6%, QBE Insurance 1.3% and Insurance Australia Group up 1.7.

Among the big four banks, CBA fell 0.2% while ANZ rose 0.2%.

Super Retail Group fell as much as 3.5% as it traded ex-dividend.

Meanwhile, US casino group Bally's offered Australia's Star Entertainment a $250 million lifeline for just over half of its shares, as the debt-laden casino operator reviews options to stay afloat.

There is no major moving economic data released tonight. Tomorrow, Japan releases 4Q GDP and the Westpac March consumer confidence data is scheduled.