Gold and financial stocks helped Australian shares close higher on Thursday, as investor sentiment improved after two research studies showed Omicron was less lethal compared with the Delta coronavirus variant.
The S&P/ASX 200 index rose 0.3% to 7,387.6 points, closing in the green for a third consecutive day. The benchmark had gained 0.1% on Wednesday.
While Australia reported more than 8,200 new cases, two separate studies in South Africa and London suggested the risk of hospitalisation from the Omicron variant was less severe compared with the Delta variant.
The heavyweight financial index rose 0.6%, with the country's "Big Four" banks ending up between 0.3% and 0.6%.
Healthcare, mining stocks help Australian shares notch best day in 2 weeks
Gold miners rose 1.3% as the yellow metal was poised for a second straight weekly gain. Dacian Gold Ltd and Tietto Minerals Ltd jumped 8.6% and 7.2%, respectively.
Miners, which comprise a third of the benchmark, ended 0.3% higher as metal prices strengthened on supply concerns.
However, iron ore majors Rio Tinto Ltd and BHP Group shed 0.1% and 0.3%, respectively.
Health stocks, up 0.5%, advanced for a fourth straight session, with diagnostics firm Sonic Healthcare among top gainers.
Henry Jennings, senior analyst at Marcustoday Financial Newsletter said that increased demand for COVID-19 tests would be good for pathology laboratories as people travel across states around the festival season.
The tech sector was the only drag on the market as it ended 0.9% lower, snapping a three-day winning streak, with WiseTech Global falling the most.
Dairy firm Bega Cheese tumbled 10.3% and was the top decliner on the benchmark after warning of profit hit from strong domestic competition.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index remained flat at 12,862.71 points.
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