Aus shares end higher on banks, tech boost; US debt ceiling outcome in focus
ASX200 up 0.3% for the week
Financials up 1.5%, tech gains 2.2%, gold down 1.2%
NZ50 up 1%
Updates to close
By Ayushman Ojha
May 19 (Reuters) -Banking and technology sectors tracked overnight gains on Wall Street to drive Australian shares higher on Friday, backed by mounting optimism that a deal to raise the U.S. debt ceiling could be reached within days.
The S&P/ASX 200 index .AXJO gained 0.6% to close at 7,279.50, its highest since May 2.The benchmark rose 0.3%this week.
U.S. stocks closed higher for a second straight day on Thursday after President Joe Biden and Republican Kevin McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. .N
"We are waiting very much on the debt ceiling outcome right now, and if we get a quick resolve, we will see a decline in the U.S. dollar, which will lift commodity prices, particularly gold," said Brad Smoling, managing director at Smoling Stockbroking.
Back in Sydney, the heavyweight financials sub-index .AXFJ advanced 1.5%with the 'big four' banks up between 1.3% and 1.8%.
Technology stocks .AXIJ advanced 2.2%, tracking gains from the tech-heavy Nasdaq Composite Index .IXIC. BrainChip Holdings BRN.AX and Xero Ltd <XRO.AX> gained 9.3% and 5.4%respectively.
Among individual stocks, Qantas Airways QAN.AX said it expects its international capacity to reach pre-COVID levels by March 2024. Shares were up 1.1%.
The insurance broker and agency AUB Group AUB.AX jumped 5.9%, its highest in two years, after lifting its profit outlook for fiscal 2023.
Wealth manager AMP Ltd AMP.AX was fined $16 million for billing dead clients for insurance and financial advice.
Gold stocks .AXGD ended 1.2% loweras bullion prices were on course for their biggest weekly drop in 3-1/2 months. The country's largest gold miner, Newcrest Mining NCM.AX, fell 1.9%.
The Reserve Bank of New Zealand is expected to hike interest rates by a final quarter point on Wednesday, a Reuters Poll showed.
The benchmark S&P/NZX 50 index .NZ50 rose 1%, to close at 12,099.74.
Reporting by Ayushman Ojha in Bengaluru; Editing by Janane Venkatraman
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