Australian shares ended Friday higher, underpinned by materials that rose on an extended rally in base metal prices. The S&P/ASX 200 index closed 22.72 points or 0.41 percent higher, at 5,507. The index gained 2.77 percent this week, snapping the previous week's losses. Shares also tracked gains in European markets that rose marginally on Thursday, since Wall Street was closed on Thursday for the US Thanksgiving holiday.
Mining majors BHP Billiton ended 2.3 percent higher, and Rio Tinto closed 2.4 percent up, after iron ore futures in China rose for a third straight day on Thursday. Zinc miner Terramin Australia closed 5.3 percent higher after London zinc prices flirted with an eight-year high on Friday.
The metals index closed 1.27 percent higher. Financials took a breather on Friday, in lacklustre trading, after a five-session winning run. Six companies on the benchmark index posted new 52-week highs on Friday, while 120 traded with volumes twice their 50 day average. New Zealand's benchmark S&P/NZX 50 index rose 0.24 percent or 16.4 points to finish the session at 6,899.6, supported by materials.
Fletcher Building Ltd finished 2 percent higher for a third straight session, and was the biggest percentage gainer on the index. Air New Zealand rose 1.8 percent, after oil prices fell on Friday. The index ended the week 0.61 percent higher, giving up some gains from the week before.
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