Australian shares climb with miners, gold stocks leading gains
- The benchmark closed 1.4% lower on Thursday. It is set for a 0.2% weekly gain
Australian shares advanced on Friday, led by miners and gold stocks, as investors kept a watch on the Middle East conflict, following reports that the US and Iran had reached an agreement to extend the ceasefire.
The S&P/ASX 200 index rose 0.8% to 8,660.60, as of 0030 GMT.
The benchmark closed 1.4% lower on Thursday. It is set for a 0.2% weekly gain.
The US and Iran have agreed to a memorandum of understanding extending the truce for another 60 days to allow for negotiations, but US President Donald Trump has yet to approve it, sources told Reuters.
In Sydney, heavyweight miners gained 2.5%, tracking firmer copper prices.
The sub-index has gained 9.6% so far this month and is on track for its biggest monthly climb in four months. Rio Tinto and BHP added 1.2% and 1.7%, respectively.
Gold stocks advanced by as much as 5.5%, in step with stronger bullion prices.
Both Evolution Mining and Northern Star Resources gained 4.6%. Financials inched up 0.3%, set for its best session since May 21.
All the “big four” banks rose between 0.3% and 0.7%.
Real estate and local technology stocks added 0.3% and 1.5%, respectively. Bucking the trend, energy sub-index slid 0.9%.
It lost over 6% so far this month, on track for its worst month since September.
Sector majors Santos and Woodside Energy declined 0.6% and 1.5%, respectively.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.4% to 13,254.75, following a bare-bones budget unveiled on Thursday that focused on preserving fiscal firepower.
The benchmark has gained 2.5% so far in May, on track for its best month since September 2025.
Inflation pressures are building in the island nation even if the US-Iran conflict ends soon, a senior central banker said.
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