Australia: Shares rise on broad-based rally; up 1% for the week

[SYDNEY] Australian shares jumped 1.5 per cent on Friday to post their best performance in five weeks on a broad-based rally with miners and energy stocks benefiting from gains in crude oil and iron ore prices.

The S&P/ASX 200 index rose 88.5 points to 5,933.3 at the close of trade. The benchmark closed up 0.1 per cent on Thursday.

The market has had a poor run lately with discouraging economic news from China, a key iron ore importer and Australia's main trading partner, made worse by weak global commodity prices.

The benchmark has fallen in six of the last 10 sessions but ended the week in the black, thanks to Friday's gains. It is up 0.94 per cent this week.

New Zealand's benchmark NZX 50 index ended up 0.13 per cent or 7.45 points to finish the session at 5,765.36.

REUTERS