Australian shares rose on Friday, driven by commodity prices and as an aggressive easing package announced overnight by the Bank of England stokes global risk appetite. The S&P/ASX 200 index rose 21.5 points, or 0.4 percent, to 5,497.5 points by 0330 GMT. On Friday the mining sector, which comprises a fifth of the index, made solid gains.
Fortescue Metals Group stock added 4.1 percent. Several brokers raised their target price for Fortescue last week, after the miner said it had reduced production costs. Fellow iron-ore majors posted gains, with BHP Billiton Ltd adding 3 percent and Rio Tinto up 1.5 percent. Air New Zealand led gains, rising 0.9 percent while rubber goods manufacturer Skellerup rose 0.7 percent.