Australian shares rose on Friday after two straight sessions of losses, as index heavyweight miners gained on strong underlying commodity prices, while New Zealand stocks jumped to a one-month high ahead of an expected interest rate cut next week.

The S&P/ASX 200 index climbed 0.8% to 8,390.4 by 0032 GMT.

It has risen 1.3% so far this week, hitting a record high on Tuesday.

Bellwether miners gained 1%, rising 2.2% so far this week in what could be their best week since Sept. 27.

Iron ore prices closed higher overnight as traders weighed firm near-term demand against high portside stocks while awaiting new cues on the consumption outlook for top consumer China.

Sector behemoth BHP Group rose 0.7% on Friday, while Mineral Resources gained 4%.

Interest rate-sensitive financials climbed 0.8%, with the “big four” banks up between 0.5% and 0.9%.

The sub-index was on track for its third consecutive week of gains.

Among other sectors trading in positive territory, health stocks ascended 1.3%, with biotech giant CSL up 0.9%.

Australian shares fall as miners offset real estate and healthcare gains

Energy stocks rose 2.5%, hitting their highest level since Oct. 25, helped by strong oil prices amid the intensifying Russia-Ukraine war.

The sub-index has gained 4.6% so far this week after six consecutive weeks of losses.

IT stocks tanked 2.6% and were on track for their first weekly loss since the week ended Oct. 25.

Weighing on the sector was software maker WiseTech Global , which fell 10% after it cut its fiscal 2025 revenue forecast.

In New Zealand, the benchmark S&P/NZX 50 index rose 1.2% to hit its highest since Oct. 22.

The country’s central bank is expected to cut its interest rates by 50 basis points on Wednesday, according to a Reuters Poll.

Among individual stocks, a2 Milk soared as much as 22.5% after the dairy giant said it expects to declare its maiden interim dividend in 2025.