Australia: Shares set for biggest weekly gain since late-December

[BENGALURU] Australian shares inched higher on Friday, and were on track to post their biggest weekly gain since late-December, as investors took comfort in the central bank's decision to push back on market wagers for an early rate hike.

Firmer commodity prices over the course of the week also supported stocks in the resource-heavy bourse.

The S&P/ASX 200 index was up 0.2 per cent at 7,092, as of 1230 GMT. The benchmark has gained 1.3 per cent so far this week.

Earlier this week, the Reserve Bank of Australia said it was in no hurry to raise interest rates, but ended its A$275 billion (S$261.3 billion) bond-buying campaign as expected.

Investor sentiment has been swinging between concerns over policy tightening by the US Federal Reserve and other central banks and confidence in the global economic recovery.

Technology stocks recovered lost ground to gain 1.7 per cent after a nearly 6 per cent slump in the previous session. Shares of Xero, WiseTech Global and Computershare advanced as much as between 0.3 per cent and 2.3 per cent on Friday.

Financials gained about 0.2 per cent, with Macquarie Group rising more than 1.2 per cent.

Shares of Westpac Banking Corp were set to record their best week since last May after the lender beat estimates for first-quarter profit and made headway in cutting costs.

Energy stocks rose about 0.2 per cent, with major oil and gas explorers Woodside Petroleum and Santos climbing about 0.1 per cent each.

REA Group notched its best intraday session since Dec 8 after the property online service provider posted strong half-yearly earnings.

Bucking the positive mood, miners snapped a two-session winning streak to lose as much as 1.5 per cent.

Heavyweights Rio Tinto and BHP Group dropped about 1.6 per cent and 1.2 per cent, respectively.

The greenback strengthened a day after dismal US private payrolls data sent bullion prices to one-week highs, making the metal expensive for holders of other currencies. Tracking bullion prices, gold explorers fell 0.3 per cent, with Newcrest Mining dipping 0.2 per cent.

New Zealand's benchmark S&P/NZX 50 index slipped 0.7 per cent to 12,243.05. REUTERS