Australian shares were set for their best week in four as the market rose for a third consecutive session on Friday buoyed by gains in commodity-related stocks, while focus shifted to the US jobs data due later in the day for further direction.
The S&P/ASX 200 index was up 0.3% at 7,843.3, as of 0031 GMT. The benchmark has gained more than 2% so far in the week.
The European Central Bank cut interest rates on Thursday for the first time in nearly five years, boosting sentiment. Earlier this week, the Bank of Canada had cut interest rates in this cycle.
Investor focus is now on the crucial US non-farm payrolls report for further clues on the labour market and on the timing of Federal Reserve interest rate cuts.
Back in Sydney, heavyweight miners rose 1.2% in their biggest intraday percentage gain since May 20.
The sub-index, however, was set to mark its third straight weekly loss.
Mining behemoths BHP and Rio Tinto were up 1.2% each on Friday.
Iron ore futures rebounded on Thursday after a five-session losing streak, with portside restocking ahead of a holiday in top consumer China.
Fortescue gained 1.7%.
Australian shares hit record high; RBA cautious on inflation
The miner has sued two of its former scientists and a former finance head, alleging “misuse” of confidential information regarding its green iron ore technology.
Gold stocks climbed 1.7% to hit a 10-day peak after bullion prices hit a two-week high overnight, while energy firms were up 0.6% on stronger crude oil prices.
Bucking the trend, financials were down 0.2%. The “Big Four” banks were down between 0.2% and 0.7%.
New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to 11,961.07, but was on track for a third consecutive weekly gain.
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