Australian shares rise on bank and mining boost, set for fourth monthly gain

Australian shares rose on Friday and were on track for a fourth straight monthly gain, as heavyweight banks and miners advanced and strong US corporate earnings buoyed risk sentiment.

The S&P/ASX 200 index climbed 1% to 9,052.70 by 0015 GMT.

It has risen nearly 3% so far in July, mainly driven by financials.

Market sentiment was also boosted by an overnight rally in US equities after Microsoft beat quarterly sales estimates and delivered a strong outlook.

In Sydney, miners advanced 3%, supported by higher copper prices. Sector major Rio Tinto and South32 climbed 2% and 3.1%, respectively.

Workers at BHP Group’s Port Hedland iron ore operations in Western Australia plan to go on strike next week, including a 24-hour ban on loading ships and a work stoppage, the unions said on Friday.

BHP shares rose more than 3%.

Gold stocks climbed 3.7% as bullion prices firmed overnight on a weaker US dollar and soft inflation.

Evolution Mining and Northern Star Resources gained 3.4% and 2.5%, respectively.

Banks rose 0.6%, with the “Big Four” banks up between 0.6% and 1%.

The sub-index has gained more than 6% so far in the month. Energy stocks added 1.4% on Friday, extending gains into a fourth straight session.

The sector has advanced nearly 13% in July after three straight months of losses. Sector majors Santos and Woodside rose 1.2% and 1.4%, respectively, on Friday.

In corporate news, Origin Energy logged a 3% sequential rise in fourth-quarter revenue from its stake in the Australia Pacific LNG project, while iron ore miner Fortescue forecast higher shipments for 2027.

New Zealand’s benchmark S&P/NZX 50 index rose 1% to 13,900.87.

It has climbed 1.4% in July, set for a third straight month of gains.