INSUBCONTINENT EXCLUSIVE:
Banks led Australian shares to a higher finish on Friday, as a mixed policy outlook from the European Central Bank and the US dollar's
resulting strength sent equities on a roll.
The ECB signalled on Thursday it would keep interest rates at record lows well into next year,
overshadowing its pledge to end a massive bond purchase scheme by the end of 2018 in its most decisive step yet towards winding down
crisis-era stimulus.
"The Aussie dollar is significantly weaker against the US dollarthat's given a bit of a boost to all the equity
markets," said Damian Rooney, director of equity sales at Argonaut.
However, US President Donald Trump's resolve to impose "pretty
significant" tariffs on certain imports from China, Australia's top importer, could upset stocks in the coming session, according to
Rooney.
The SP/ASX 200 index gained 1.3 per cent on the day and 0.8 per cent for the week.
Financial stocks were the best performers,
snapping four falling sessions to rise 1.9 per cent
The "Big Four" banks climbed between 0.8 per cent and 2.3 per cent.
Westpac, however, has been slapped with a lawsuit by Australia's
securities regulator alleging the provision of inappropriate financial advice.
This is the latest in a series of cases filed against
participants of the financial sector which is under stringent regulatory scrutiny amid a powerful inquiry called Royal Commission.
Material
stocks also rose, with top miners BHP Billiton and Rio Tinto up 0.5 per cent and 1.3 per cent, respectively.
Energy stocks such as Woodside
Petroleum Ltd and Santos Ltd advanced as much as 1.6 per cent and 2.8 per cent each.
New Zealand's benchmark SP/NZX 50 index fell slightly
but still closed at a record high
It was down 2.43 points at 8,975.75.
The index advanced 0.4 per cent this week.
Dairy products maker a2 Milk was the biggest boost to the
