Australian shares ended higher on Friday with utilities and energy sectors making solid contributions as oil prices regained some ground. The S&P/ASX 200 index finished up 0.6 percent at 5,968.4, taking gains this week to 1.2 percent. The benchmark index ended the week not far a seven-year peak of 5,996.9 reached last month.
New Zealand's benchmark NZX 50 index closed a touch firmer at 5,847.4. On the week, it was 0.3 percent higher. Stan Shamu, a strategist at IG Markets, is sceptical the 6,000 barrier will be breached unless there is a strong indication of an imminent rate cut by the Reserve Bank of Australia (RBA). The central bank held off on easing this week with debt markets giving a 60 percent chance of a move next month.
Shares in Origin Energy rose 2.7 percent while Santos was up 1.9 percent following a rebound in oil prices. Banks were also firm with Macquarie Group the stand-out performer, up nearly 1 percent.
But shares in miners remained soft after Chinese iron ore futures touched a record low due to weak buying interest. Fortescue Metals Group was among the biggest casualty, down 2.6 percent to reach a loss of 33 percent for the year. BHP Billiton and Rio Tinto declined more than 1 percent.
Mid-cap stocks bore the brunt of the softness, with Air New Zealand 1.8 percent lower.
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