Australian shares rose 0.3 percent on Friday to hold at five-year highs, lifted by big banks ahead of their earnings reports starting next Tuesday, which have had a stellar year on the back of generous dividend yields and record profits. The S&P/ASX 200 index added 13.4 points to 5,386.3, near a five-year high of 5,402.4 hit earlier in the week. The benchmark ended the week 1.2 percent higher, its third consecutive week of gains.
Warrnambool Cheese and Butter Factory Company Holdings Ltd (WCB) jumped 3.3 percent to a record closing high of A$8.42, after Canada's Saputo Inc raised its take-over offer for the company. New Zealand's benchmark NZX 50 index rose 0.6 percent to 4,863.4 points. Financials underpinned the market with Westpac Banking Corp adding 0.3 percent and National Australia Bank rising 0.5 percent. Bendigo and Adelaide Bank Ltd climbed 1.4 percent.
The banking sector has had a stellar year with share prices buoyed by strong dividend yields and record profits. St Barbara Ltd and Perseus Mining Ltd jumped 5 percent and 2.8 percent, respectively, after gold rose 1 percent overnight, breaking above $1,350 an ounce for the first time in more than a month. Newcrest Mining Ltd, the world's No 3 gold miner, climbed 1.4 percent. Oil and gas explorers rose after US oil futures recouped losses in choppy trade overnight. Woodside Petroleum rose 0.9 percent and Santos Ltd added 1.9 percent. Whitehaven Coal Ltd jumped 3.2 percent after the company entered into talks with lenders about restructuring a A$1.2 billion debt facility due to delays in building its key growth project, Maules Creek.
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