Australian shares gained 1 percent on Friday, with the materials sector providing support, but the index slipped off an earlier high after economic growth in China missed market expectations. China's economy grew at the weakest pace in nearly three years in the first quarter, with the annual rate of expansion a lower-than-expected 8.1 percent compared with 8.9 percent in the previous three months.
"After coming off its highs post China data, the Aussie market has held up fairly well above 4300," said Stan Shamu Market Strategist IG Markets. "With reduced fears of a China hard landing and improved forecasts for China GDP growth later in the year due to credit growth, it seems there is still significant optimism out there." Materials counters lost some momentum after China's GDP data, but remained the best performing sector on Friday. Global miners BHP Billiton Ltd and Rio Tinto Ltd rose 1.7 percent and 2.3 percent, respectively, after oil and commodities prices rose overnight. The benchmark S&P/ASX 200 index gained 42.7 points to 4,323.3, according to the latest available data. The benchmark was up 0.08 percent for the week after four straight sessions of losses earlier this week.
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