Australian shares staged a modest rebound on Friday after two sessions of declines, led by gains in the mining sector and major banks. The S&P/ASX 200 index ended 27.958 points, or 0.53 percent higher, at 5,351.300. New Zealand's benchmark S&P/NZX 50 index closed 6.240 points higher, or up 0.09 percent, to finish the session at 6,909.860.
During midday, the S&P/ASX 200 index rose 0.5 percent, or 26.2 points, to 5,349.5 by 0237 GMT, helping the benchmark turn positive for the week with a 0.4 percent rise. "If we continue to see steady buying in financials and the materials and energy sectors hold up, the ASX could finish the final session for the week in positive territory," said Angus Nicholson, market analyst at IG.
Mining giant BHP Billiton rose 1.6 percent, while Rio Tinto put on 2.0 percent. The big banks were slightly higher except for National Australia Bank which eased 0.4 percent. Shares in Oil Search rose 2.5 percent after the oil and gas explorer agreed a $2.2 billion deal to acquire InterOil Corp in a move that could pave the way for two rival liquefied natural gas projects led by global majors to work together in Papua New Guinea.