Australia: Shares rise ahead of US stimulus plan, New Zealand flat

[BENGALURU] Australian shares advanced on Friday as investors anticipated a US$1.9 trillion stimulus package from US President-elect Joe Biden to kick-start the economy and speed up response to the coronavirus pandemic.

The S&P/ASX 200 index rose 0.3 per cent to 6,715.3 points by 2314 GMT, but was still on track for a small weekly loss.

Antipodean stocks had been bereft of clear direction this week as investors awaited details of the US stimulus package, digested news of impeachment proceedings against President Donald Trump and eyed upcoming corporate earnings.

Mr Biden is set to propose a fresh spending package aimed at boosting the US coronavirus vaccine program and providing more direct relief for US households.

Tech stocks led the way on Australia's benchmark bourse as they added 1.2 per cent. Buy-now-pay-later firm Afterpay rose 3.9 percent and Altium gained 2.1 per cent.

The mining sub-index rose more than 1 per cent, with Champion Iron adding 4.2 per cent and Orocobre gaining 2.6 per cent.

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Shares of mining heavyweights BHP and Fortescue rose 2.9 per cent and 1.7 per cent, respectively.

Energy stocks were up 1.5 per cent as oil prices firmed overnight on the back of a weak dollar and bullish signals from Chinese import data.

Oil Search gained 3.1 per cent, followed by Woodside Petroleum, up 2 per cent.

Advances outnumbered decliners by 710 to 412, a 1.7-to-1 ratio. There were 83 new highs and 39 new lows.

New Zealand's benchmark S&P/NZX 50 index was roughly flat at 13,107.29 points. The index was poised to lose more than 3 per cent for the week.

REUTERS