Australia: Shares extend gains on bank, tech boost

[BENGALURU] Australian shares rose on Friday, led by banking and tech stocks following a Wall Street rally overnight as concerns eased about the Omicron variant's economic impact, while AMP surged after announcing the sale of its infrastructure debt platform.

The S&P/ASX 200 index rose 0.6 per cent to 7,430.7 by 2339 GMT and was headed for a fourth straight session of gain. The benchmark index was on track for its best week since the week ended Nov 5.

Australia and New Zealand markets will close early on Friday and will remain shut on Monday and Tuesday for Christmas and Boxing Day holidays.

Financials were up 0.8 per cent, with the big four banks gaining between 0.5 per cent and 0.7 per cent.

AMP led gains on the benchmark, climbing 5.3 per cent after the wealth manager said it would sell its infrastructure debt platform to Ares Management as part of a strategy to simplify its private markets business ahead of a spin-off next year.

AMP, which also led gains on the financial sub-index, was eyeing its best week in 10 months.

Tech stocks tracked the Nasdaq higher, rising 0.8 per cent. Wisetech Global rose 2.8 per cent, followed by sector heavyweight Afterpay, which was up 1.4 per cent.

Meanwhile, Australia reintroduced Covid-19 curbs such as mandated mask wearing indoors and capacity limits as daily infections hit a record high, fuelled by the highly infectious Omicron variant.

Miners advanced 0.4 per cent, with Rio Tinto, BHP Group and Fortescue gaining between 0.3 per cent and 1.2 per cent.

Across the Tasman sea, New Zealand's benchmark stock index rose 0.2 per cent, with healthcare and consumer stocks leading the gains.

REUTERS