Australia shares close at two-week high; Austar dumped

MELBOURNE: Australian shares rallied 1 percent to end at a two-week high on Friday as investor confidence improved after euro zone leaders agreed on a financial rescue pact for Greece.

The top banks pushed the market higher, with National Australia Bank , the only one with holdings in Europe, leading the pack with a 2.5 percent jump.

Macquarie Group , surged 3.3 percent, coming off more than two-year lows hit last week.

The benchmark S&P/ASX 200 index climbed 46.9 points to close at 4,602.9, and ended the week up 2.9 percent, posting its biggest weekly gain in eight months.

Copyright Reuters, 2011