Australian shares climbed to over a two-week high on Friday, with mining and gold stocks leading gains as investors welcomed the Federal Reserve’s 25 basis points rate cut, while ANZ Group fell over weak annual profit.

The S&P/ASX 200 index advanced by 0.8% to 8,294.9 points by 2331 GMT.

The benchmark closed 0.3% higher on Thursday.

The Federal Reserve cut the interest rate by 25 basis points as policymakers took note of a job market that has “generally eased”, while inflation continues to move toward the US central bank’s 2% target.

In Sydney, shares of ANZ Group fell as much as 1.5% to A$31.25, after the lender posted 9% drop in annual profit.

Among sub-indexes, mining stocks advanced by 2.1%, on track for their best session since Oct. 14, on the back of upbeat iron ore futures prices.

Heavy-weight miners BHP Group, Rio Tinto and Fortescue gained between 1.4% and 2.2%. Gold stocks were up as much as 3.6%, snapping out of a three-day losing streak, as gold prices steadied overnight.

As of 2339 GMT, gold fell 0.08% to $2,705.90.

Gold miners Northern Star Resources and Evolution Mining gained 17% and 5%, respectively.

Technology stocks rose as much as 1.5% to their highest level since mid-October, tracking overnight gains from their Wall Street peers.

However, ASX-listed shares of payments firm Block fell as much as 7.5% and was among the top laggards on the benchmark after its third-quarter revenue fell below Wall Street expectations.

Australian shares struggle for direction as gold stocks drag; NAB tumbles

Shares of diversified miner Mineral Resources fell as much as 2.5% to A$37.50, after it was placed on watchlist by its shareholder HESTA, citing disappointment with the company’s inadequate response to governance issues involving billionaire founder Chris Ellison.

New Zealand’s benchmark S&P/NZX 50 index traded 1.2% higher at 12,729.82 points, eyeing its best session since early October.