Technology stocks .AXIJ advanced 2.3%, clocking their best session since August 20 as Nvidia's robust revenue growth outlook fueled gains in Nasdaq. .N
Sector majors WiseTech Global WTC.AX, Technology One TNE.AX and Xero XRO.AX gained between 2.7% and 4.8%, and were among the top gainers on the benchmark.
The sector has been beaten down for the better part of a year, and a strong performance from U.S. tech behemoths like Nvidia and Salesforce is providing some relief to investor concerns that software is at terminal risk from AI impacts, said Luke Winchester, portfolio manager at Merewether Capital.
Rate expectations and sector moves
Investors looked past heightened expectations of a rate hike at the Reserve Bank of Australia's September meeting, after data showed hotter monthly inflation.
Swaps now imply more than a 50% chance of a hawkish move by the central bank in September, from 16% before the release of data. 0#AUDIRPR
Heavyweight miners .AXMM added 1.1%, supported by higher commodity prices. The world's largest listed miner, BHP BHP.AX, rose 1.4%, while South32 S32.AX inched 0.8% higher. MET/L
Adding to the sector's gains, gold stocks .AXGD added 0.9%. They rose 2.2% in the week, the sixth straight weekly rise.
Financials .AXFJ added 0.8%, with all "Big Four" banks climbing between 0.7% and 1.5%. The sector logged its third straight week of losses.
Bucking the trend, real estate .AXRE and utilities stocks .AXUJ shed 0.9% and 0.1%, respectively.
Virgin Australia slips despite earnings beat
On the earnings front, shares of Virgin Australia VGN.AX dropped 1.4%, despite posting better than expected full year earnings. The carrier said it expects to trim its domestic capacity by 3% in the first half.
The New Zealand benchmark S&P/NZX 50 index .NZ50 ended 0.8% lower at 13,768.18 points, its lowest since August 18. It lost 1.5% during the week, the biggest drop since mid-May.
Australian shares rise on mining and tech gains
Aug. 28 (Reuters) - Australian shares advanced on Friday, driven by gains in mining and tech stocks after U.S. chip giant Nvidia's strong earnings underscored the AI spending boom and boosted market sentiment, shrugging off rate hike fears.
The benchmark S&P/ASX 200 index .AXJO rose 0.6% to 9,092.30 points. It edged 0.4% higher during the week.
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