Australia: Shares end the day higher

[SYDNEY] Australian shares ended higher on Friday, posting a weekly gain after two straight weeks of losses, as soaring commodity prices boosted miners, while the central bank raising its forecasts for the economy also buoyed sentiment.

Global stocks rose ahead of US jobs report and Federal Reserve's stance on monetary stimulus later in the day.

The S&P/ASX 200 index closed 0.3 per cent higher at 7,080.80, while gaining 0.8 per cent for the week.

The Reserve Bank of Australia predicted economic growth to hit near double digits in the current quarter, while emphasising that the wage growth is too slow.

"We had a bounce back today from Thursday's declines, while US markets helped the sentiment with Dow Jones' closing high," said James Tao, market analyst at CommSec.

"The fact that there were zero community transmission cases of Covid-19 (in Australia) certainly lifted the mood." That helped travel stocks rebound from Thursday's losses, with online travel bookings provider Webjet and tourism services providers Flight Centre Travel gaining 7.4 per cent and 7.3 per cent, respectively.

Metals and mining index rose 1.3 per cent, as iron ore and copper hit record highs, with heavyweights BHP Group and Rio Tinto gained 0.6 per cent and 1.1 per cent, respectively.

New Zealand's benchmark S&P/NZX 50 index fell 0.2 per cent to end the session at 12,729.92, in its third consecutive session of losses.

REUTERS