Australian shares rose on Friday, driven by gains in miners and energy stocks on strong commodity prices, while Nine Entertainment emerged as the top gainer on the benchmark after 60%-owned Domain Holdings Australia received a buyout offer.
The S&P/ASX 200 index was up 0.1% at 8,333.1 as of 0026 GMT.
The benchmark has, however, lost 2.6% so far in the week. Miners climbed as much as 1.5% after iron ore prices closed higher overnight.
BHP Group, Rio Tinto and Fortescue gained between 0.2% and 1.6% on Friday.
Energy stocks gained up to 1.5%, on the back of strong oil prices.
Woodside Energy and Santos were up 0.6% and 1.1%, respectively.
Financials sub-index advanced by 0.1%, with National Australia Bank, Westpac and Commonwealth Bank of Australia up between 0.3% and 0.6%.
Australian shares drop on weak profits from iron ore giants
Shares of newspaper publisher and free-to-air television network owner Nine Entertainment were up at 20.5%, to record its highest level since March 25, 2024.
Nine Entertainment, which owns 60% of Australia’s Domain Holdings, was offered to be bought by US online real estate firm CoStar in a deal that values it at A$2.65 billion ($1.70 billion).
On the earnings front, Sydney-based QBE Insurance advanced by 8% to record its highest level in fifteen years, as full-year results beat analysts’ estimates.
New Zealand’s benchmark S&P/NZX 50 index fell 0.7% to 12,790.99.
Shares of dairy giant Fonterra were up 3.5% after it forecast its earnings to meet the upper half of its fiscal 2025 outlook, while hinting at paying a strong interim dividend.