Sept 5 (Reuters) - Australian shares snapped three straight...

Sept 5 (Reuters) - Australian shares snapped three straight sessions of losses on Monday as underwhelming U.S. jobs data diminished the chances of a Federal Reserve rate rise in September. Basic materials and oil stocks rallied.

The S&P/ASX 200 index (xjo) added 52.9 points, or 1 percent, at 5425.8 by 0305 GMT. The benchmark shed 2.6 percent last week.

U.S. nonfarm payrolls rose by 151,000 jobs in August after an upwardly revised 275,000 increase in July, the Labor Department said. Economists polled by Reuters had forecast payrolls rising 180,000 last month. [RPOLL]

Data on Thursday showing the U.S. manufacturing sector had contracted in August for the first time in six months had already raised doubts about the probability of a rate hike at the Fed's Sept. 20-21 policy meeting.

"Well it is very unlikely that they’ll hike rates in September," said Angus Nicholson, a market analyst at IG Markets.

"A December move would be Fed's best case scenario. Markets are already pricing in a slightly above 50 percent probability for that."

On Friday markets priced in a 21 percent chance of a Fed interest rate increase this month, down from 24 percent the previous day, according to CME Group's FedWatch program.

U.S. markets were closed for Labor Day. Energy stocks .AXEJ gained substantially on oil rising nearly 3 percent on Friday before edging down on Monday in Asia, paring some of the gains. [O/R]

Oil explorer Woodside Petroleum (WPL), which entered into an agreement with BHP Billiton (BHP) to acquire half BHP Billiton's gas assets in the Scarborough area, rose 1.2 percent.

Oil and gas producer Santos Ltd (STO) was 3.3 percent higher.

Basic materials led the rally with mining heavyweights BHP Billiton Ltd and Rio Tinto Ltd (RIO) adding 2.4 percent and 1.2 percent respectively.

Gold stocks posted solid gains as the metal rose more than 1 percent on Friday. Spot gold was mostly unchanged at $1,324 per ounce. [GOL/]

Gold miners Evolution Mining (EVN) and Northern Star Resources (NST) were up 5.1 percent and 3.4 percent respectively.

Financial stocks gained as the "Big Four" banks rose in the range of 1.4 percent to 1.7 percent.

New Zealand's benchmark S&P/NZX 50 index (nz50) was up 0.4 percent, or 31.5 points, highest since Aug. 24 at 7457.1.

The rally was led by financials and industrials, with Auckland International Airport (AIA) up 0.8 percent and Air New Zealand (AIR) 2.6 percent higher.

Comvita Ltd (CVT) was the biggest gainer on the benchmark 4 percent higher. The beauty-product maker earlier announced a distribution joint-venture in China.