Australia: Shares close near 3-week high

[SYDNEY] Australian shares rose on Friday to their highest close in nearly three weeks, supported by tech stocks and a near 3 per cent gain by BHP Group.

Macquarie Group jumped nearly 4 per cent after Morgan Stanley raised its price target by 37 per cent, given the financial conglomerate's ability to take advantage of the green wave.

The benchmark ASX 200 index closed 0.7 per cent higher at 7,362. The index gained around half a per cent over the week despite falling in the first three sessions.

BHP and Fortescue rose 2.8 per cent and 2 per cent, respectively, as iron ore prices rose following sharp losses this week.

Rio Tinto fell 0.9 per cent as the miner lowered its iron ore shipment forecast for 2021, kicking off the production reporting window. BHP will report its quarterly report on Tuesday.

Elsewhere, Star Entertainment Group climbed 5.4 per cent, although it saw its worst week since March last year after losing a quarter of its value in the first two days over governance concerns.

Rival Crown Resorts is awaiting news on an inquiry report that may declare it unfit for a gambling licence at its biggest-earning casino in Melbourne. Its shares rose 1.5 per cent.

The country's "Big Four" banks also ended the week higher, rising between 0.2 per cent - 1.1 per cent.

Three of the four will report annual results at the end of the month, while the largest Commonwealth Bank of Australia will provide its quarterly update in November.

In New Zealand, shares ended 0.3 per cent lower at 13,012.19.

REUTERS