News: NCM Australia shares end week in black as commodities rally

• ASX 200 snaps five-day winning streak
• Australian main index posts weekly gain
• Mining and energy indexes week's top gainers

(Updates to close)

Australia shares closed the week 1.6% firmer, underpinned by mining and energy stocks, as supply disruption fears spurred by the Ukraine-Russia crisis sent commodity prices sharply higher.

The S&P/ASX 200 index (xjo) closed 0.6% lower at 7,110.8 on Friday, after an attack by Russian forces on a Ukrainian nuclear plant kept investors on edge. The local bourse slumped almost 1.8% before recouping some of the losses towards market close.

"I think the odds are we are going to still have some volatility, some unexpected unknowns coming to the floor," said Brad Smoling, managing director at Smoling Stockbroking.

Miners .AXMM , which finished the day slightly lower, clocked their best week since April 2016, with iron ore futures on track for their biggest weekly jump in more than two years.

Mining heavyweights BHP Group (BHP) and Rio Tinto (RIO) this week gained 11.7% and 10.5%, respectively, but were down 0.2% and 1% on the day.

Energy stocks .AXEJ posted their best weekly performance since the end of 2020 as crude oil prices surged amid fears of disruption to Russia's oil exports. The sub-index, however, fell 1.1% on Friday.

Index heavyweight Santos (STO) was the top decliner, losing 1%, followed by Beach Energy's 0.9% fall.

Gold stocks .AXGD advanced 1.7% as bullion was poised for its best weekly gain since May 2021 with investors scrambling to buy safe-haven assets after Russia's attack on Friday.

Australia's largest gold miner Newcrest Mining (NCM) jumped 2.8% while Evolution Mining (EVN) gained 1.2%.

In New Zealand, the benchmark S&P/NZX 50 index (nz50) closed 0.6% lower at 12,141.7.