Australian shares ended slightly higher on Friday as gains across a number of sectors outpaced a decline in materials, allowing the benchmark to end the week higher. Material stocks faced heavy selling pressure after US President Donald Trump pressed ahead on Thursday with import tariffs of 25 percent on steel and 10 percent for aluminium, but exempted Canada and Mexico and offered the possibility of excluding other allies.
The S&P/ASX 200 index ended up 0.3 percent, or 20.3 points, at 5,963.2, and gained about 0.6 percent through a tumultuous week. Financials led gains, with the 'big-four banks' all ending higher for the day. Commonwealth Bank of Australia, the biggest company on the index by market capitalisation, advanced 0.9 percent.
BHP Billiton, the largest miner on the index (and the world) by market capitalisation, fell 1.7 percent, and was by far the biggest drag on the index. The stock ended at its lowest since December 2017. The benchmark metals and mining index ended 2 percent lower. Rio Tinto fell about 2.7 percent to its lowest close since December.
New Zealand's benchmark S&P/NZX 50 index rose 0.4 percent or 31.1 points to finish the session at 8,390.01. The index gained 1.2 percent for the week.
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