News: XEJ Australian shares end higher on commodity boost; NZ hits 1-month high

• Benchmark index logs best week since March 18
• All commodity indices up over 1%
• NZ50 hits highest since June 10

(Updates to close)

A rally in commodity stocks and a strong finish on Wall Street overnight helped Australian shares close higher on Friday, with the benchmark index posting a weekly gain of 2.1%.

The S&P/ASX 200 index (xjo) ended 0.5% higher on Friday, adding to the 0.8% rise it posted on Thursday.

Energy stocks .AXEJ led the charge, up 2.1% following an uptick in oil prices overnight as worries over persisting tight global supply kept prices of the commodity elevated.

Index heavyweights Woodside Energy (WDS) and Whitehaven Coal (WHC) added 1.7% and 6.3%, respectively.

Miners .AXMM climbed 1.3% as iron ore prices rose on renewed hopes of additional economic stimulus from China.

Sector majors Rio Tinto (RIO) , BHP Group (BHP) and Fortescue Metals (FMG) rose between 0.3% and 0.7%.

"Depending on the United States Consumer Price Index (CPI) data due next week, we could see (the) resources index start to push higher or at least find solid ground. They have enjoyed a period of extremely high prices and some consolidation could be in the wind," said Henry Jennings, a senior analyst and portfolio manager at Marcus Today Financial Newsletter.

All indices on Wall Street ended higher as traders leaned in to U.S. equities after the Federal Reserve hinted at a more tempered program of interest rate hikes.

That led tech stocks .AXIJ to climb 0.8%. Gold stocks .AXGD also climbed 1.1% as the dollar softened.

"It seems as if the market is reacting positively to the comments of U.S. Fed Governor Christopher Waller that the labour market's strength would cushion the U.S. economy," said Kunal Swahney, CEO, Kalkine Group.

Financials .AXFJ fell 0.2%. The so-called "big four" banks skidded 0.1%-0.5%.

New Zealand's benchmark S&P/NZX 50 index (nz50) closed 0.5% higher and hit a one-month high.