Australian shares snapped a five-day losing streak on Friday, powered by financials and miners, although the resource-heavy bourse was set to mark a second weekly loss due to lacklustre performances in commodity stocks.
The S&P/ASX 200 index rose 0.4% to 7319.1 points by 1233 GMT.
The benchmark lost 0.2% so far this week. Leading the climb, Australian lenders reversed Thursday’s losses to advance nearly 1%, with the ‘Big Four’ banks adding between 0.5% and 1%.
The sub-index is set to mark its fifth straight weekly gain.
Financial stocks typically bask in the benefits of operating in a high-interest-rate environment.
Investors will keenly await the Reserve Bank of Australia’s interest rate decision due next week where rates are expected to be held at 3.60%, according to a Reuters survey of economists.
Domestic miners followed suit to gain 0.3% on the back of improved commodity prices.
The sub-index, however, lost more than 2% this week.
Shares in IGO Ltd slumped 2.5% even as the lithium miner said it expects to log higher spodumene sales volumes in the coming quarter.
Bucking the trend, energy sub-index retreated 0.4% even as oil prices surged overnight.
Shares in AGL Energy dipped 0.5% after the company said it has completed the partial refinancing of debt facilities to be used to fund renewable energy projects.
Australia shares extend losses as financials drag on US banking sector fears
Technology stocks tracked overnight gains on Wall Street to add 1%, also climbing nearly 2% in value this week. Network solutions provider Megaport and accounting software producer Xero rose 40.7% and 1%, respectively.
Coles dipped 0.9% even as the company reported a solid quarterly revenue.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index rose 0.4% to 11972.4 points.
The benchmark is set to post gains for a third straight week.
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