News: XIJ Australian shares extend gains as miners advance

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Australian shares closed higher for a fourth straight session on Friday, helped by gains in iron ore and gold miners on strong underlying commodity prices, while losses in heavyweight tech and financial stocks limited the advance.

The S&P/ASX 200 (xjo) ended 0.3% higher at 7,406.2, adding 1.5% for the week.

Gold stocks .AXGD jumped more than 2% in their second straight session of gains. Prices of the safe-haven metal were set for a third weekly gain in four as there was no material progress in the Russia-Ukraine peace talks.

Newcrest Mining (NCM) , Australia's largest gold miner, climbed 3.5% on Friday, hitting its highest level in more than two weeks.

Miners .AXMM climbed 1.4%, gaining more than 6% this week in their first weekly rise in three. Energy stocks .AXEJ gained 0.9%.

Mining majors Rio Tinto (RIO) and BHP (BHP) added close to a percent each, while Fortescue Metals (FMG) rose 1.7%, hitting its highest since early March. Oil producer Woodside (WPL) firmed 1.2%.

Uncertainty around the war in Ukraine persisted as NATO promised Kyiv new military support and assigned more troops to the alliance's eastern flank while Britain and the United States stepped up sanctions on Moscow.

Commodity prices will rise more if the Ukraine crisis worsens further, said Brad Smoling, managing director of Smoling Stockbroking.

"If gold has a situation like nickel had recently where it just sky-rocketed, that's a very good place to put money," Smoling said.

Among losers, technology stocks .AXIJ lost 0.5%, with Australian shares of Block Inc (SQ2) down 3.1%.

Financials .AXFJ fell 0.5%, with the so-called "Big Four" banks ending lower.

New Zealand's benchmark S&P/NZX 50 (nz50) ended 0.3% higher at 12,055.