Australian shares rose 0.4 percent on Friday, with miners the best performers of the day, supported by recent strong gains in commodity prices and a global move towards riskier assets. Over a holiday shortened week, the market rose about 1.2 percent.
"Most of the lights were flashing green before we started this morning," said Michael Heffernan, senior client adviser and strategist Austock Group. Global miner Rio Tinto rose 2.1 percent, BHP Billiton rose 0.6 percent and Fortescue gained 4.1 percent. Gold miner Newcrest rose 3.8 percent, as gold prices headed for a fourth week of gains, supported by the Federal Reserve's pledge to keep interest rates near zero for some time.
The performance of Australia's big four banks was mixed, with Westpac easing 0.05 percent and Australia & New Zealand banking group up 0.4 percent. Shares of respiratory device maker ResMed Inc rose 7.5 percent, the biggest percentage jump since August 2008, after larger than expected sales growth in the United States.
Warship builder, Austal, fell 4.8 percent after the US Defence Department outlined budget cuts that will slow warship building. Eight fewer Joint High Speed Vessels would be purchased in the five-year spending plan. The warship is built in Mobile, Alabama, by Austal in a partnership with General Dynamics. The benchmark S&P/ASX 200 index gained 17.1 points to finish at 4,288.4, according to the latest data, its highest close since December 8.
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