Australia: Shares rise as Omicron shock eases; set for fourth weekly loss

[BENGALURU] Australian shares gained ground on Friday, as the initial shock of the Omicron coronavirus variant weaned away and the market looked to recoup some of its losses from earlier in the week when the new variant cases were reported in the country.

The benchmark S&P ASX 200 index was up 0.33 per cent at 7,249.1 by 2351 GMT, but was on track to lose 0.6 per cent for the week in its fourth weekly loss.

Heavyweight miners lifted the index, surging as much as 1.9 per cent, with blue-chip miners BHP Group, Rio Rinto and Fortescue advancing between 2 per cent and 3.5 per cent.

Banks gained about 0.8 per cent, rising for a fourth straight session, with all the "Big Four" banks trading in the positive.

Top two lenders Commonwealth Bank of Australia and National Australia Bank gained more than 1 per cent each.

Oil stocks, too, rose as much as 1.6 per cent after oil prices settled more than 1 per cent higher overnight. Oil Search climbed as much as 2.5 per cent, while Woodside Petroleum and Santos Ltd gained about 1.7 per cent each.

Bucking the trend, gold stocks lost as much as 2.1 per cent as bullion prices hit a one-month low on fears that the US Federal Reserve would raise interest rates earlier than expected.

Newcrest Mining fell as much as 2.4 per cent to a two-month low, and Northern Star Resources shed up to 1.8 per cent.

Biotech giant and Australia's fourth largest company by market value CSL declined more than 1 per cent. According to media reports, CSL is in exclusive talks to buy Swiss drugmaker Vifor Pharma in a A$10 billion (S$9.7 billion) deal.

However, both CSL and Vifor declined to comment on the media speculation.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.21 per cent to 12,697.

REUTERS