Australian shares rose on Friday tracking Wall Street gains overnight, after strong US jobs data boosted renewed bets of an interest rate cut by the Federal Reserve, while energy stocks were set for their best week in more than 12 weeks.
The S&P/ASX 200 index rose 0.4% to 7,755.000 by 0058 GMT.
The benchmark closed 1.1% lower on Thursday.
Wall Street stocks ended higher after US jobs data sparked subdued rate-cut hopes from the Fed.
Number of Americans filing new claims for unemployment benefits increased last week, data from the World’s largest economy showed.
Back in Sydney, the local benchmark was on its track for its best week since March 29, if current trends hold.
Financials advanced 0.4%, with the “Big Four” banks rising between 0.1% and 0.8%. Country’s top lender Commonwealth Bank of Australia is eyeing its best week since March 29.
Bellwether mining stocks gained 0.6%, after two sessions of losses.
The sub-index is eyeing its best week since April 12. Mining giant BHP Group and Rio Tinto gained 0.4%, each. Energy stocks rose 1.4%, boosted by a rise in global oil prices on renewed hopes of an improving Chinese economy, coupled with the ongoing Middle-East conflict.
Australian shares fall as financials and healthcare stocks drag
The sub-index is on track for its best week in more than 12 weeks.
Woodside Energy gained 1.1% while Santos rose 0.9%. Gold stocks jumped 1.8%, as a strong US jobs data lifted rate-cut bets among investors. Evolution mining rose 1.7%. Healthcare sector rose 0.3%, with CSL adding 0.4%.
Information technology firms, however, lost 0.5% while real estate stocks rose 0.4%.
New Zealand’s benchmark S&P/NZX 50 index traded flat at 11,738.5100.
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