Australian stocks rose 1.2 percent on Friday to a two-week closing high, following a pullback in oil prices from 2-1/2 year highs and renewed confidence in the US economic outlook. Shares rose 0.6 percent for the week. Australia's economy depends on the commodities boom and health of Asia. As a result a pull back in oil prices augurs well for Australia and Asia, a big importer of oil.
The benchmark S&P/ASX 200 index climbed 57.86 points to 4,864.30, according to latest available data. The index eked out a meagre 3.2 point gain on Thursday, reversing three days of falls. Only 26 of the 200 stocks in the benchmark fell. Miners were among the leading stocks with Newcrest up 4.7 percent to A$40.02, Rio Tinto gaining 1.6 percent to A$85.52 and BHP Billiton up 1.5 percent. New Zealand's benchmark NZX 50 index rose 20.8 points or 0.6 percent to 3,418.1.