|Published : 10 Mar 2017, 14:25:01|
Australian shares end at one-week high
Australian shares closed at their best level in more than a week on Friday, as financial stocks surged in anticipation of an imminent US interest rate hike next week.
The S&P/ASX 200 index rose 0.6 per cent or 34.4 points to 5,775.60 at the close of trade. The benchmark index fell 0.32 per cent on Thursday. For the week, the index gained 0.8 per cent.
The region's financial index closed at its highest since April 2015 in its fifth consecutive session of gains.
Macquarie Group led the gains among financials, posting its highest close in nearly 10 years.
The "big four" banks also closed high, with Westpac Banking finishing at its highest since May 2015.
Also closing firmer were healthcare stocks, rallying as the Republican plan backed by President Donald Trump to overhaul the US healthcare system cleared its first hurdles in Congress.
Biotherapeutics company CSL Ltd closed at a record high.
On the flipside, materials stocks continued to lose due to weak commodity prices.
The metals and mining index closed at its lowest in more than 2 months in its fourth consecutive session of losses.
Top miners BHP Billiton and Rio Tinto closed at their lowest since November 2016 and December 2016, respectively, according to Reuters.