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Australian shares rose to a near five-month high on Friday as investors bought banks amid growing expectation of an interest rate cut within days and miners rose along with a rebound in commodities prices.
The S&P/ASX 200 index gained 18.8 points or 0.3 per cent to 5,588.3 at the close of trade, its highest since September 5 and its seventh straight day of gains. The index added 1.6 per cent for the week and is up 3.3 per cent for January.
New Zealand’s benchmark NZX 50 index fell 15.8 points or 0.3 per cent to finish the session at 5,744.0.
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