Australian shares rose on Friday, led by index heavyweights miners and banks, while Woolworths and Coles said they would defend a class action lawsuit that alleged the retailers promoted misleading discount claims on everyday products.
The S&P/ASX 200 index rose 0.6% to 8,269.4 by 0011 GMT, after a 0.4% gain on Thursday. The benchmark index, however, was on track for a weekly fall of 0.3%.
Miners climbed 0.3% on Friday, but were down 7.1% for the week in what could be their worst week since early September 2022.
Iron ore futures prices hit a three-week low on Thursday, although ANZ analysts said “the possibility of additional stimulus measures (from China) is high, which should keep sentiment in the iron ore and steel industry relatively buoyant.”
BHP Group rose 0.2%, after a Brazilian court ruled the miner, Vale and their joint venture Samarco are not criminally liable for the deadly 2015 Fundao tailings dam collapse.
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Rate-sensitive financials rose 0.9%, extending gains to a second session as the central bank governor’s comments on Thursday pointed towards higher-for-longer interest rates. The “Big Four” banks climbed between 0.1% and 0.8%.
Among individual stocks, Woolworths and Coles gained 0.4% and 0.6%, respectively.
The consumer staples sector climbed 0.8% and was on track for its best day since Nov. 8.
Energy stocks rose 0.7% after oil prices closed slightly higher on Thursday. The sub-index was on track for a sixth consecutive week of losses.
Meanwhile, health stocks fell 1.6% with CSL , Australia’s priciest stock, losing 1.8%.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.3% to 12729.28, as of 0011 GMT.
Source: Brecorder
