Banks help Australian shares log best week since mid-August
ASX 200 gains over 2% for the week
NZ50 records best week since Oct 11
By Roshan Thomas
Nov 8 (Reuters) -Australian shares notched up their best week in 12 on Friday, helped by robust gains in banks as the country's central bank left borrowing costs unchanged at a 12-year high earlier this week.
The benchmark index S&P/ASX 200 .AXJO ended 0.8% higher on Friday, rising 2.2% for the week - the most since the week ended Aug. 16.
The Reserve Bank of Australia (RBA) remained unconvinced that the economy was ready for rate cuts, even as inflation dropped to a more than three-and-a-half-year low in the third quarter.
Financials .AXFJ closed the week 3.6% higher. Banks tend to thrive in a high interest rate environment.
Commonwealth Bank of Australia CBA.AX, the country's largest lender, gained 3.6%, while ANZ ANZ.AX climbed 3.4% for the week.
"Our assessment is the RBA wants to see at least one more quarterly print of lower inflation, before it considers cutting rates," UBS said in a note.
"Hence, the earliest timing for the first RBA rate cut remains after the Q4-2024 quarterly inflation data, received ahead of its meeting in February 2025."
Miners .AXMM gained 0.3% for the week. BHP Group BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX added between 1.4%, 0.3%. MET/L
Gold stocks .AXGD rose 2.2% on Friday after a sharp sell-off in the previous session, while energy stocks .AXEJ tracked oil prices lower. GOL/ O/R
Among individual stocks, Sigma Healthcare SIG.AX gained about 24% this week, as the Australian competition regulator approved its A$8.8 billion merger with discount pharmacy firm Chemist Warehouse on Thursday.
Domino's Pizza Enterprises DMP.AX lost 8.8% in the week to record its worst performance since early August, as its long-serving CEO Don Meij stepped down on Tuesday.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 1.5% on Friday to 12,770.33. The benchmark gained 1.7% for the week to record its best performance since the week ended Oct. 11.
Reporting by Roshan Thomas in Bengaluru; Editing by Subhranshu Sahu
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