Australian shares ended 0.6 percent higher on Friday, boosted by a rebound in commodities, with miners and energy-related stocks propping up the index. Major miners BHP Billiton gained nearly 6 percent while Rio Tinto jumped 4.7 percent. The S&P/ASX 200 index rose 30.3 points to close at 5,263.6, but came off the day's high of 5,305 after weak data from China kept alive worries about slowing momentum in its economy.
It marked the fourth straight day of rises for the index, which gained 1.2 percent on Thursday. After a tumultuous start to the week when global markets were rocked by turmoil in Chinese equities, the index posted its first percentage gain in three weeks. New Zealand's benchmark NZX 50 index rose 0.63 percent or 35.5 points to finish the session at 5,670.48. "We are going to get much more volatility, certainly in the short term," said Ben Le Brun, market analyst at OptionsXpress.
China, a major market for Australian exports, remained a major focus for investors after policy makers launched a barrage of stimulus measures this week. Data earlier on Friday showed profits earned by Chinese industrial companies declined 2.9 percent in July from a year ago, highlighting weakening momentum in the world's second-biggest economy. Mining companies were among the top performers with Fortescue Metals jumping 7.8 percent while major miners BHP Billiton and Rio Tinto rose 5.7 percent and 3.8 percent respectively. Energy stocks such as Beach Energy and Drillsearch were boosted after oil prices rose by over 10 percent.