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Australian shares jumped to a 10-week high on Friday as investors cheered a larger-than-expected economic stimulus package from the European Central Bank, which added to growing hopes of a domestic interest rate cut.
The death of Saudi king Abdullah encouraged investors to buy energy stocks amid speculation a change of leadership in the pivotal oil-producing nation might lessen a global supply stand-off that has been driving the commodity’s spot price down.
The S&P/ASX 200 index rose 81.9 points or 1.5 per cent to 5,501.8, its highest since November 11, bringing its gains for the week to 4 per cent.
Australian financial markets will be closed on Monday for the Australia Day holiday.
New Zealand’s benchmark NZX 50 index rose 28.1 points or 0.5 per cent to finish the session at 5,675.2.
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