Australian shares snapped a five-day losing streak to rebound on Friday, supported by miners and financials, as traders assessed a recovery in commodities and global markets.
The S&P/ASX 200 index was up 1.2% at 7,422.10 points, as of 0010 GMT.
The benchmark index has dropped nearly 1% so far this week.
US shares ended near their record highs on Thursday, pushing global markets higher. On the domestic bourse, Australian heavyweight miners recovered after ending four sessions in the red.
The sub-index tracked iron ore prices higher, paring its weekly losses to 3.8%.
Mining behemoths BHP Group and Rio Tinto gained 1.2% and 0.8% respectively, whereas Fortescue added 1.6%.
Financials rose as much as 1.3%, hitting their highest level since Feb. 8, 2023. The “big four” banks jumped between 1.1% and 1.8%.
Energy stocks gained 1.4%, as oil prices settled higher after the International Energy Agency forecast strong growth in global demand.
Whitehaven Coal, the country’s largest independent coal miner, emerged as the top gainer on the bourse with a 7.3% jump after it posted a rise in quarterly production and signalled plans to sell stake in a mine recently bought from BHP.
Australian shares dip as gold, energy stocks drag
Gold stocks also recovered after three days of losses, aided by safe-haven demand amid the Middle East conflict.
The gold sub-index rose 0.8% on Friday, but was still on track for a weekly decline of 5.5%.
Shares of Northern Star Resources climbed 1.3% while Evolution Mining jumped 1.4%.
Information technology firms tracked their Wall Street peers higher, rising as much as 2.4%, while healthcare companies gained 1.6%.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index climbed 0.4% to 11,728.24 points.
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