Australia: Shares extend gains as miners advance

[BENGALURU] Australian shares closed higher for a fourth straight session on Friday (Mar 25), helped by gains in iron ore and gold miners on strong underlying commodity prices, while losses in heavyweight tech and financial stocks limited the advance.

The S&P/ASX 200 ended 0.3 per cent higher at 7,406.2, adding 1.5 per cent for the week.

Gold stocks jumped more than 2 per cent in their second straight session of gains. Prices of the safe-haven metal were set for a third weekly gain in 4 as there was no material progress in the Russia-Ukraine peace talks.

Newcrest Mining, Australia's largest gold miner, climbed 3.5 per cent on Friday, hitting its highest level in more than 2 weeks.

Miners climbed 1.4 per cent, gaining more than 6 per cent this week in their first weekly rise in 3. Energy stocks gained 0.9 per cent.

Mining majors Rio Tinto and BHP added close to a percent each, while Fortescue Metals rose 1.7 per cent, hitting its highest since early March. Oil producer Woodside firmed 1.2 per cent.

Uncertainty around the war in Ukraine persisted as Nato promised Kyiv new military support and assigned more troops to the alliance's eastern flank while Britain and the US stepped up sanctions on Moscow.

Commodity prices will rise more if the Ukraine crisis worsens further, said Brad Smoling, managing director of Smoling Stockbroking.

"If gold has a situation like nickel had recently where it just skyrocketed, that's a very good place to put money," Smoling said.

Among losers, technology stocks lost 0.5 per cent, with Australian shares of Block down 3.1 per cent.

Financials fell 0.5 per cent, with the so-called "Big Four" banks ending lower.

New Zealand's benchmark S&P/NZX 50 ended 0.3 per cent higher at 12,055. REUTERS