The S&P/ASX 200 index rose 0.3% to 6,985.80 by 2323 GMT. The benchmark has lost 2.3% this week, set for its worst weekly decline in more than five months. Investors welcomed news of a large group of banks infusing cash into U.S. lender First Republic Bank and Swiss National Bank providing a lifeline to the embattled Swiss lender Credit Suisse . In Sydney, strong employment data in February suggested the need for more interest rate hikes, traders also kept a close eye on next week's Federal Reserve policy for cues on the U.S. central bank's monetary stance in April.
Australian Treasurer Jim Chalmers said on Thursday
Australian banks were well capitalised and regulators were in
control of the situation, after a meeting on Monday to discuss
the collapse of Silicon Valley Bank.
Energy stocks added 1.4%, buoyed by higher oil prices. Sector majors Woodside Energy and Santos rose 1.1% and 1.2%, respectively. Financials gained 1%, with the "Big Four" banks rising between 1.1% and 1.4%. The sub-index was, however, down 2.7% for the week. Bucking the trend, gold stocks slumped 2%, and were set for their worst day in over a week. Newcrest Mining fell 2.8%, while Noorthern Star Resources declined 3%.
Kelsian Group was the top loser on the benchmark, sliding 7.3%, after the transit operator completed a discounted A$281 million ($187.09 million) equity raising to fund its $325 million acquisition of All Aboard America! Holdings Inc.
New Zealand's benchmark S&P/NZX 50 index fell 0.1%
to reach 11,698.16.
Synlait Milk was down 9.9%, after the dairy milk
producer forecast lower profit in fiscal 2023 on cooling demand
and higher costs.
(Reporting by Poonam Behura; Editing by Rashmi Aich)
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