News: XRO Australian shares edge higher on tech, banking boost

Nov 25 (Reuters) - Australian shares inched higher on Friday as financial and technology stocks outweighed weakness in commodities, with investors continuing to cheer the Federal Reserve's rate stance.

The S&P/ASX 200 index (xjo) rose 0.1% to 7,248.5 by 0005 GMT. The benchmark rose 0.3% on Thursday.

Global investors remained upbeat on the fact that several U.S. central bank's officials hinted at slower rate hikes going forward, although there was no clear indication on whether there will be a pause in rate increases.

Australian technology shares .AXIJ led gains, rising about 0.9%, and were on track for a fifth straight weekly gain. Accounting software provider Xero Ltd (XRO) and ASX-listed shares of Block Inc (SQ2) added 1.1% and 0.8%, respectively.

The financial sector .AXFJ firmed 0.3%, with the country's largest banks trading rising up to 0.3%.

However, the energy index .AXEJ led declines among resources, falling about 1.2% on lower Brent crude prices, as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply.

Woodside Energy (WDS) and Santos (STO) slipped 1.7% and 0.9%, respectively.

The heavyweight mining index .AXMM slid 0.8% despite a rebound in iron ore prices in top-steel producer China. The sector was set for its fourth consecutive weekly decline.

Rio Tinto (RIO) and BHP Group (BHP) dropped 0.1% and 0.6%.

In New Zealand, the benchmark S&P/NZX 50 index (nz50) rose 0.2% to 11,351.9.

Dairy giant Fonterra Co-operative Group (FCG) said that it would implement its new capital structure, intended to make it easier for new farmers to join the co-operative, in late March next year. Its shares, however, fell about 0.4%.