Australian shares rose for a fifth straight session on Friday after a strong overnight run on Wall Street lifted sentiment, with banks, property stocks and miners driving gains.
The S&P/ASX 200 index climbed 0.2% to 8,875.50 by 0006 GMT.
The benchmark was on track for a 1.8% weekly gain, its best since late November. US stocks rose on Thursday as Morgan Stanley and Goldman Sachs shares shot up following upbeat quarterly results, while Taiwan-based chipmaker TSMC’s blockbuster results boosted shares of US chipmakers.
In Sydney, financials added 0.4%, with top lender Commonwealth Bank of Australia rising 0.3%. Banks have gained 1.3% so far this week, recovering from a 2.5% drop in the previous week.
The sector has been under pressure as investors fret over stretched valuations and digest a realignment in monetary policy direction. Miners inched 0.1% higher and were set for a 3.9% rise this week, although Friday’s gains were capped by weaker commodity prices.
Iron ore futures retreated on Thursday as hot metal output fell in top buyer China, while copper pulled back due to a stronger US dollar and easing concerns over potential US tariffs on the metal.
Heavyweight Rio Tinto rose 1.1%, while peer BHP slid 0.6%.
Lithium miner Liontown Resources rose 0.6%. It has surged 9.3% so far this week as analysts remain bullish on lithium prices.
Gold stocks rose 0.4%, recovering from a profit-taking-driven pullback in the previous session.
Technology stocks gained 0.9% as optimism spilled over from Wall Street.
Meanwhile, energy stocks slipped 0.7% after crude oil prices settled about 4% lower overnight as US President Donald Trump’s softer tone on Iran assuaged concerns over US military action against the major oil producing country.
Consumer discretionary and health stocks slipped 0.2% each. In New Zealand, the benchmark S&P/NZX 50 index rose 0.4% to 13,716.62.
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