Australian shares rose 0.4 percent on Friday, helped by news that major central banks were ready to provide liquidity to stabilise financial markets in case of turmoil following weekend elections in Greece. Markets have been volatile this week as investors struggle for insight on the likely outcome of Sunday's vote, which could determine whether Greece stays in the eurozone.
The benchmark S&P/ASX 200 index, which fell 0.8 percent for the week, nudged up 15.1 points to 4,057.3 points, according to latest available data. The benchmark fell 0.5 percent on Thursday to its weakest close since June 4.
New Zealand's benchmark NZX 50 index rose 0.9 percent to 3,447.1 points.
"Financial markets seemingly have a modicum of preparedness heading into the Greek elections, having taken some comfort in the knowledge that central banks have their finger on the liquidity-injection trigger should things turn pear shaped at the ballot," Tim Waterer, a senior trader at CMC Markets said. At the close of trade nearly 70 million shares changed hands in media company Fairfax at A$0.60.
Rinehart was rumoured to have bought over 40 million shares on Thursday as well. The latest block trade saw trade volumes in Fairfax shoot up to more than 10 times the 90-day average daily volume. Fairfax shares ended 0.8 percent up at A$0.605.
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