Australian shares gained on Friday, breaking a four-day losing streak, as heavyweight mining stocks boosted the benchmark after metal prices surged following reports Chinese property behemoth Evergrande Group averted a destabilising default.
The S&P/ASX 200 index was up 0.7% at 7,433.10, as of 2350 GMT. The benchmark, however, lost 0.3% so far this week.
Market concerns over China's debt-laden property sector were eased on news of Evergrande's coupon payments.
A failure to pay would have resulted in a formal default by the company and triggered cross-default provisions for other Evergrande dollar bonds, exacerbating a debt crisis looming over the world's second-largest economy.
The news sent prices for steel products and steelmaking ingredients on China's commodity futures bourses soaring on Thursday, with iron ore prices bouncing off a one-year low.
Aussie mining stocks climbed as much as 3.2%, their best day since August-end, led by Mount Gibson Iron gaining 6.5%.
Iron ore giants BHP Group, Rio Tinto and Fortescue Metals Group advanced between 4% and 6%.
Gold miners gained about 2%, with heavyweights Newcrest Mining and Northern Star Resources adding 2% and 3%, respectively, as bullion continues to shine over inflation concerns.
Technology stocks rose 1.09%, tracking the gains on Wall Street after chipmakers continued pushing Nasdaq and S&P 500 higher.
Xero Ltd led the gains in the sub-sector as shares of the software company advanced 4.5%.
A major drag in the benchmark index was the healthcare sector, which slipped 0.7%, with gloves manufacturer Ansell losing the most at 3.5%.
Rare-earths miner Greenland Minerals nosedived 38% as Greenland's new legislation to ban uranium mining and cease development of the Australian miner's Kuannersuit mine threatened its operations.
New Zealand's benchmark S&P/NZX 50 index was down 0.5% at 12,956.72.
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