Australia shares up 0.4%, end week lower ahead of Greek proposal

[SYDNEY] Australian shares ended 0.4 per cent higher on Friday led by metals and banks, as gains on China's stock market encouraged buyers although late selling in some stocks ahead of a crucial weekend for the Greek debt crisis prevented a stronger rally.

Greece offered new reform proposals to creditors, spurring hopes of a cash-for-reform deal at a weekend summit of European leaders.

The S&P/ASX 200 index rose 21.02 points to 5,492.0 at the close of trade. After slipping to its lowest levels since January, the benchmark barely changed on Thursday.

Despite Friday's gains, the market ended the week down 0.84 per cent, its third consecutive week of losses.

New Zealand's benchmark .NZX 50 index 0.2 per cent or 12.1 points to finish the session at 5,725.3.

REUTERS