Australia's shares paused near a one-year high on Friday, though a rally in the natural resources sector offset some losses in energy and financials, while New Zealand's bourse touched an all-time high. The S&P/ASX 200 index eased 0.26 percent, or 14.19 points, to close the session at 5,498.20. Although the benchmark finished slightly off at close, it was still near a one-year peak of 5,531.9 hit in the previous session.
New Zealand's benchmark S&P/NZX 50 index picked up 0.16 percent, or 12 points, to finish the session at 7,226.05. The index is up nearly 5 percent in July, as both indexes have recovered from a slump after the Brexit vote. The index was up more than 2 percent for the week, the fourth consecutive week of gains, and the longest unbroken rally in three months.
Both indices looked poised for another week of solid gains. Australia's index has added 1.3 percent so far this week, bringing the month's gains to 5 percent. If sustained, July will have the biggest monthly increase since March. Likewise, New Zealand's benchmark S&P/NZX 50 index is up nearly 5 percent in July, as both indices have recovered from a slump after the June 23 Brexit vote. Friday's biggest gainers in Australia were miners, boosted by a 1.8 percent rally in prices of iron ore, the nation's largest export earner.