Australian shares rose on Friday, tracking a broader rally in global peers, while strong performances in domestic technology stocks and financials helped offset losses in commodities.

The S&P/ASX 200 index rose 0.5% to 7,650.30 by 2355 GMT. The benchmark ended flat on Thursday.

AI chipmaker Nvidia’s stunning results sparked a worldwide wave of record highs in equity markets in the previous session.

Australian technology stocks tracked Wall Street peers higher to jump as much as 2.7%, touching their highest level since Jan. 6, 2022.

The sub-index was also on track to record a fourth weekly gain, if trend holds.

ASX-listed shares of Block Inc surged as much as 17.1% to hit their highest level since Aug. 2 after the Jack Dorsey-led payments firm forecast adjusted core earnings for the current quarter above Wall Street estimates.

Financials advanced nearly 1% and were on track to record a seventh straight weekly gain, with the “Big Four” banks adding between 0.6% and 0.9%.

On the other hand, heavyweight miners were down 0.1%, set for a third consecutive weekly loss. Still, BHP Group , Rio Tinto and Fortescue gained between 0.2% and 0.7%.

Gold stocks tracked bullion prices lower to slide as much as nearly 3.2%, hitting their lowest level since Oct. 6, 2023.

Energy stocks fell 0.3% and were poised to end a third week in the red.

Australian shares inch lower as banks offset commodity gains

Woodside Energy lost 0.7%, while Santos gained 0.5%.

Among individual stocks, Brambles jumped as much as 4.7% to hit a record high after the supply chain logistics firm reported an 18% jump in its half-year profit.

New Zealand’s benchmark S&P/NZX 50 index was up 0.1% at 11,703.74.

A Reuters poll showed the Reserve Bank of New Zealand will hold its cash rate at a 15-year high of 5.50% on Feb. 28 and wait until July at the earliest before beginning to reduce the base cost of borrowing.


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