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Australian shares ended higher on Friday as a signal from the central bank that the next move in interest rates could be well be an increase helped financial stocks notch a second day of gains, offsetting declines in commodity-backed shares. The S&P/ASX 200 index rose 0.46 percent to 6,167.30 at the close of trade. On the week, it gained about 1.7 percent.
Financial stocks reacted positively, with the country's biggest lender Commonwealth Bank ending the day over 1 percent higher, while Australia and New Zealand Banking Group climbed 0.7 percent.
The other two 'Big Four' banks, Westpac and National Australia Bank, ended flat.
The Australian mining index fell 0.2 percent, pulled down by heavyweight BHP Group's 0.4 percent decline. Also casting a cloud over sentiment was a Reuters report on Thursday that customs at China's Dalian port banned imports of Australian coal and would cap overall coal imports from all sources.
The report knocked coal miners Stanmore Coal and New Hope Corp 2 percent and 3.6 percent lower. Synlait Milk Ltd led gains in New Zealand, rising 3.3 percent and boosting the consumer staples sector.
New Zealand's benchmark S&P/NZX 50 index was little changed on the day but closed the week up 0.7 percent.

Copyright Reuters, 2019

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