Australian shares ticked up on Friday as energy and materials stocks firmed on higher oil and iron ore prices.
The S&P/ASX 200 index rose 0.3 per cent or 20.80 points to 6,110.90 by 0113 GMT. The benchmark added 0.9 per cent on Thursday and was on track to gain 1.0 per cent for the week.
Energy stocks gained the most on Friday, with the energy index climbing to its highest in more than two weeks, reports Reuters.
Oil rose on Thursday after a survey showed OPEC’s commitment to its supply cuts remains in effect, even as US production boomed.
Woodside Petroleum Ltd rose 1.6 per cent, while rival Santos Ltd reached its highest more than a week.
Materials stocks gained on strengthening iron ore prices which were up 1.6 per cent.
Commodity prices were helped by a weakening in the US dollar , which was on track for a weekly fall as investors focused on renewed economic strength in the eurozone.
BHP, Australia’s biggest company by market cap, rose 0.6 per cent, pushing the index up, while rival Rio Tinto Ltd climbed 0.2 per cent.
Meanwhile, shares of James Hardie Industries PLC, rose 5.6 per cent to a record high and were among the top percentage gainers on the benchmark.
James Hardie, the world’s No. 1 maker of fibre cement building panels, posted a 32.9 per cent rise in third-quarter adjusted net operating profit on Friday.
Financials rose as well, with Commonwealth Bank of Australia firming to a near 2-1/2 week high, while Australia and New Zealand Banking Group Ltd hit its highest in more than 10 weeks.
Conversely, real estate stocks and industrials fell, capping the gains on the index.
The yield on benchmark 10-year US Treasuries reached a high of 2.797 per cent early on Friday, probing its highest levels since April 2014.
Property company Goodman Group Pty Ltd fell 1.7 per cent, while Transurban Group declined 1.5 per cent and was the biggest drag on the index.
