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By Archishma Iyer

Jan 27 (Reuters) -Australian shares hovered near a nine-month high on Friday, as financials and technology stocks tracked overnight gains in their Wall Street peers, while the benchmark index logged its fourth consecutive weekly climb.

The S&P/ASX 200 index .AXJO ended 0.34% higher at 7,493.8 points. The benchmark index was closed on Thursday due to a public holiday.

Investors globally cheered on the better-than-expected economic growth from the United States for the fourth quarter, boosting risk sentiment and signalling a possibility of a reduced rate hike in the Federal Open Market Committee meet next week. MKTS/GLOB

"There is a growing consensus that the world economy has managed to dodge any significant slowdown, which is reflected in better-than-expected U.S. Q4 GDP growth," said Kunal Sawhney, chief executive officer, Kalkine Group.

Financial stocks .AXFJ led the gains for the day, rising 1%, with the country's "Big Four" banks trading up between 0.9% and 1.5%. The sub-index marked its fourth straight weekly gain.

"Banks in particular are outperforming this week because they are one of the few sectors, which actually don't mind higher interest rates," said Carl Capolingua, a market analyst from ThinkMarkets Australia.

Australia's fourth-quarter inflation reached a 33-quarter high earlier this week, signalling more rate hikes from the central bank. nAZN0Z3363

Technology stocks .AXIJ advanced 1.2%, tracking their peers in the Nasdaq Composite Index .IXIC. Accounting software provider Xero XRO.AX and ASX-listed shares of Block Inc SQ2.AX firmed 1.6% and 0.7%, respectively. .N

Miners .AXMM were the only positive sub-index among the resources sector, rising 0.1%, with index heavyweights Rio Tinto RIO.AX and BHP Group BHP.AX gaining 0.2% and 0.7%, respectively.

In corporate news, Fortescue Metals FMG.AX stock rose marginally on a 4% jump in shipments in the December quarter. nL4N34B2XI

Shares of Origin Energy ORG.AX rose 0.7% after the company lifted its fiscal year 2023 forecast for its key energy markets business on higher natural gas prices and improved coal delivery under legacy contracts. nL4N34B2XM

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.1% to finish the session at 12,036.05.

Reporting by Archishma Iyer in Bengaluru; Editing by Sherry Jacob-Phillips

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