Mining, property outperform, fuel shares turn around

Australian shares finished the week in a stronger position after a mixed day of trading on Wall Street influenced by a higher-than-expected US growth report and an ongoing correction in tech stocks.

The S&P/ASX 200 index was 60.1 points higher, or 0.8 per cent, to 7,921.3 at close on Friday, with the broader All Ordinaries up 59.1 points, or 0.7 per cent, to 8,153.4.

Ten of the 11 ASX 200 sectors logged gains, with mining up 1.4 per cent, as iron ore futures on the Singapore exchange picked up in the afternoon after sinking below $100 a tonne overnight.

Property stocks also moved 1.3 per cent higher and the energy sector also logged its first improvement in seven sessions, rising 0.8 per cent on Friday.

Consumer staples was the only sector in the red.

Mixed trading in the US stemmed from the advanced estimate of June quarter gross domestic product landing well ahead of expectations, clocking in at 2.8 per cent, against the two per cent improvement anticipated.

But in a "goldilocks" outcome, the report also revealed cooling inflationary pressures, which Westpac senior economist Pat Bustamante said supported gains across interest rate-sensitive stocks.

Yet rises across small caps and other stocks buoyed by an improving outlook for interest rate cuts were not enough to offset the ongoing sell-off in tech shares, spurred by disappointing earnings reports and tempering artificial intelligence buzz.

Australian tech stocks finished 0.7 per cent higher, with Wisetech Global up 1.5 per cent and Xero lifting 1.1 per cent.

AMP Australia chief economist Shane Oliver said local shares had been dragged lower by the global falls but the ASX 200 was still above its March record high.

Along with weakness in the US market, Japanese shares took a hit from further talk of monetary tightening and Chinese shares were lower after a lack of decisive stimulus following the Third Plenum.

"The good news is that global interest rates are continuing to roll over as the focus for central bankers shifts from getting inflation down to avoiding recession," Dr Oliver wrote in a note.

"The bad news is that shares may be entering another correction on the back of a growth scare."

ANZ was the only one of the big four banks in the red, down 0.5 per cent, to $29.16.

Westpac rose 0.9 per cent, to $28.59, NAB gained 0.5 per cent, to $37.41, and CBA increased 0.4 per cent, to $133.14.

Mining heavyweights rounded out the week strongly, with BHP lifting 2.2 per cent, to $42.10, to a seven-day high.

Rio Tinto was up 2.7 per cent, to $115.91, and Fortescue increased one per cent, to $20.35.

Mineral Resources pared back some of its earlier gains to finish up 3.5 per cent, buoyed by production volumes falling within guidance.

Pilbara Minerals also rose strongly, up 3.8 per cent.

Bellevue Gold plummeted 21.6 per cent following the completion of a $150 million institutional investment at a 15.3 per cent discount to its Wednesday closing price.

The Australian dollar was higher, buying 65.53 US cents, up from 65.46 US cents in Thursday's ASX close.

ON THE ASX:

* The S&P/ASX 200 index was 60.1 points higher, or 0.8 per cent, to 7,921.3 at close on Friday.

* The broader All Ordinaries was up 59.1 points, or 0.7 per cent, to 8,153.4

CURRENCY SNAPSHOT:

One Australian dollar buys:

* 65.53 US cents, from 65.46 US cents at Thursday's ASX close

* 100.68 Japanese yen, from 99.92 Japanese yen

* 60.39 euro cents, from 60.36 euro cents

* 50.98 British pence, from 50.76 British pence

* 111.28 NZ cents, from 110.65 NZ cents