Australian Shares Finish the Week 3.3% Higher

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Australian Shares Finish the Week 3.3% Higher
Credit: © Reuters.

By Oliver Gray -  Australian shares added 43.6 points or 0.6% to 7294.4 during Friday’s trade, gaining for the third consecutive session and finishing the week 3.3% higher as rising commodity prices boosted Materials and Energy companies alike.

Higher Iron ore prices lifted heavyweight miners, as Rio Tinto Ltd (ASX: RIO ) added 1.61%, BHP Billiton Ltd (ASX: BHP ) gained 1.25%, Fortescue Metals Group Ltd (ASX: FMG ) 2.2%, Champion Iron Ltd (ASX: CIA ) lifted 4.06%, Pilbara Minerals Ltd (ASX: PLS ) added 3.7%, Arizona Lithium Ltd (ASX: AZL ) surged 14.81%, Lake Resources NL (ASX: LKE ) added 9.54%, Magnis Resources Ltd (ASX: MNS ) gained 9.2%, Avz Minerals Ltd (ASX: AVZ ) increased 8.28% and Piedmont Lithium Ltd (ASX: PLL ) gained 2.15%.

Gold miners finished higher even though prices of the precious metal dipped 0.41%. Gold Road Resources Ltd (ASX: GOR ) 2.16%, St Barbara Ltd (ASX: SBM ) added 0.33%, Northern Star Resources Ltd (ASX: NST ) lifted 1.43%, Perseus Mining Ltd (ASX: PRU ) gained 3.19%, Chalice Gold Mines Ltd (ASX: CHN ) added 1.27% while Newcrest Mining Ltd (ASX: NCM ) fell 0.76%.

Oil related companies also lifted as Crude prices gained. Woodside Petroleum Ltd (ASX: WPL ) 2.68%, Santos Ltd (ASX: STO ) added 1.89%, Beach Energy Ltd (ASX: BPT ) gained 1.62% and Viva Energy Group Ltd (ASX: VEA ) lifted 1.72%.

Financials added around 0.43% collectively with Macquarie Group Ltd (ASX: MQG ) up 1.67%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) adding 0.18%, National Australia Bank Ltd (ASX: NAB ) lifting 0.22%, Westpac Banking Corp (ASX: WBC ) easing 0.08% and Commonwealth Bank Of Australia (ASX: CBA ) up 0.13%.

On the bond markets, Australia 10-Year rates were at 2.571%, while United States 10-Year yields were around 2.178%.

In New Zealand, the NZX 50 added 1.47% to 12,176.

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