Miners, gold stocks push Australian shares to over a 2-week high
Nov 8 (Reuters) -Australian shares climbed to over a two-week high on Friday, with mining and gold stocks leading gains as investors welcomed the Federal Reserve's 25 basis points rate cut, while ANZ Group fell over weak annual profit.
The S&P/ASX 200 index .AXJO advanced by 0.8% to 8,294.9 points by 2331 GMT. The benchmark closed 0.3% higher on Thursday.
The Federal Reserve cut the interest rate by 25 basis points as policymakers took note of a job market that has "generally eased", while inflation continues to move toward the U.S. central bank's 2% target. .N
In Sydney, shares of ANZ Group ANZ.AX fell as much as 1.5% to A$31.25, after the lender posted 9% drop in annual profit.
Among sub-indexes, mining stocks .AXMM advanced by 2.1%, on track for their best session since Oct. 14, on the back of upbeat iron ore futures prices. IRONORE/
Heavy-weight miners BHP Group BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX gained between 1.4% and 2.2%.
Gold stocks .AXGD were up as much as 3.6%, snapping out of a three-day losing streak, as gold prices steadied overnight. GOL/
As of 2339 GMT, gold XAU= fell 0.08% to $2,705.90.
Gold miners Northern Star Resources NST.AX and Evolution Mining EVN.AX gained 17% and 5%, respectively.
Technology stocks .AXIJ rose as much as 1.5% to their highest level since mid-October, tracking overnight gains from their Wall Street peers.
However, ASX-listed shares of payments firm Block SQ2.AX fell as much as 7.5% and was among the top laggards on the benchmark after its third-quarter revenue fell below Wall Street expectations.
Shares of diversified miner Mineral Resources MIN.AX fell as much as 2.5% to A$37.50, after it was placed on watchlist by its shareholder HESTA, citing disappointment with the company's inadequate response to governance issues involving billionaire founder Chris Ellison.
New Zealand's benchmark S&P/NZX 50 index .NZ50 traded 1.2% higher at 12,729.82 points, eyeing its best session since early October.
Reporting by Sherin Sunny in Bengaluru; editing by Alan Barona
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