Australian shares hit a three-week high on Friday and were on track to snap a seven-week losing streak, as mining stocks jumped on firmer commodity prices.

The S&P/ASX 200 index was up 0.6% at 7,167.5 points by 0020 GMT.

The benchmark has risen over 3% so far this week, and is set to post its biggest weekly jump since November 2022. Mining shares gained 2% to hit three-week high.

The sub-index is on track for its biggest weekly jump since early-November, underpinned by higher iron ore prices.

BHP Group and Fortescue Metals Group rose up to 2.6%. Mining giant Rio Tinto Ltd jumped 1.7% after saying it will partner with Canada’s First Quantum Minerals Ltd to develop the La Granja copper project in Peru.

Gold stocks also notched gains, helped by a jump in bullion prices.

Shares of Northern Star and Newcrest Mining rose 2.2% and 1.7%, respectively.

Shares in HMC Capital fell 2.7% on returning to trade after the asset manager said it will buy 11 private hospitals from US-based Medical Properties Trust for A$1.20 billion ($802.08 million).

Meanwhile, technology shares tracked overnight gains on Wall Street.

ASX-listed shares of Block Inc and Xero rose 3.5% and 1%, respectively.

Healthcare stocks and real estate companies added between 0.3% and 0.7%. Financials also gained, with Commonwealth Bank of Australia inching 0.2% higher. Investors now eye the Reserve Bank of Australia’s (RBA) policy meeting next week.

Australian shares hit over two-week high, miners top gains

The Commonwealth Bank of Australia expects the central bank to pause rate hikes. New Zealand’s benchmark S&P/NZX 50 index fell 0.4% to 11,881.4 points.