Australian shares rise

Australian shares rose 1 percent on Friday, led by gains in materials and energy shares as Chinese inflation data came in a touch cooler than expected and on signs that Greece is a step nearer to averting a default. Despite the rise, the benchmark still lost 1.4 percent on the week, weighed down by worries about sluggish global growth.
The benchmark S&P/ASX 200 index gained 40.96 points to 4,212.0, according to the latest available data, adding to Thursday's 0.7 percent gain. Australia and New Zealand Banking Group said on Friday it would keep its variable mortgage rate unchanged despite continued pressure from higher funding costs. ANZ rose 0.6 percent.