Australian shares rise on mining boost; NZ hits 1-month high
Nov 22 (Reuters) -Australian shares rose on Friday after two straight sessions of losses, as index heavyweight miners gained on strong underlying commodity prices, while New Zealand stocks jumped to a one-month high ahead of an expected interest rate cut next week.
The S&P/ASX 200 index .AXJO climbed 0.8% to 8,390.4 by 0032 GMT. It has risen 1.3% so far this week, hitting a record high on Tuesday.
Bellwether miners .AXMM gained 1%, rising 2.2% so far this week in what could be their best week since Sept. 27.
Iron ore prices closed higher overnight as traders weighed firm near-term demand against high portside stocks while awaiting new cues on the consumption outlook for top consumer China. IRONORE/
Sector behemoth BHP Group BHP.AX rose 0.7% on Friday, while Mineral Resources MIN.AX gained 4%.
Interest rate-sensitive financials .AXFJ climbed 0.8%, with the "big four" banks up between 0.5% and 0.9%. The sub-index was on track for its third consecutive week of gains.
Among other sectors trading in positive territory, health stocks .AXHJ ascended 1.3%, with biotech giant CSL CSL.AX up 0.9%.
Energy stocks .AXEJ rose 2.5%, hitting their highest level since Oct. 25, helped by strong oil prices amid the intensifying Russia-Ukraine war. O/R
The sub-index has gained 4.6% so far this week after six consecutive weeks of losses.
IT stocks .AXIJ tanked 2.6% and were on track for their first weekly loss since the week ended Oct. 25.
Weighing on the sector was software maker WiseTech Global WTC.AX, which fell 10% after it cut its fiscal 2025 revenue forecast.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 1.2% to hit its highest since Oct. 22.
The country's central bank is expected to cut its interest rates by 50 basis points on Wednesday, according to a Reuters Poll.
Among individual stocks, a2 Milk ATM.NZ soared as much as 22.5% after the dairy giant said it expects to declare its maiden interim dividend in 2025.
Reporting by Rajasik Mukherjee in Bengaluru; Editing by Subhranshu Sahu
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