News: XIJ Australian shares hover near nine-month high on tech, financials boost

	  ASX200 marks fourth consecutive weekly gain  

	  Market sentiment improves as recession fears ebb  

	  Investors await FOMC decision due next week  

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Australian shares hovered near a nine-month high on Friday, as financials and technology stocks tracked overnight gains in their Wall Street peers, while the benchmark index logged its fourth consecutive weekly climb.

The S&P/ASX 200 index (xjo) ended 0.34% higher at 7,493.8 points. The benchmark index was closed on Thursday due to a public holiday.

Investors globally cheered on the better-than-expected economic growth from the United States for the fourth quarter, boosting risk sentiment and signalling a possibility of a reduced rate hike in the Federal Open Market Committee meet next week.

"There is a growing consensus that the world economy has managed to dodge any significant slowdown, which is reflected in better-than-expected U.S. Q4 GDP growth," said Kunal Sawhney, chief executive officer, Kalkine Group.

Financial stocks .AXFJ led the gains for the day, rising 1%, with the country's "Big Four" banks trading up between 0.9% and 1.5%. The sub-index marked its fourth straight weekly gain.

"Banks in particular are outperforming this week because they are one of the few sectors, which actually don't mind higher interest rates," said Carl Capolingua, a market analyst from ThinkMarkets Australia.

Australia's fourth-quarter inflation reached a 33-quarter high earlier this week, signalling more rate hikes from the central bank.

Technology stocks .AXIJ advanced 1.2%, tracking their peers in the Nasdaq Composite Index .IXIC . Accounting software provider Xero (XRO) and ASX-listed shares of Block Inc (SQ2) firmed 1.6% and 0.7%, respectively.

Miners .AXMM were the only positive sub-index among the resources sector, rising 0.1%, with index heavyweights Rio Tinto (RIO) and BHP Group (BHP) gaining 0.2% and 0.7%, respectively.

In corporate news, Fortescue Metals (FMG) stock rose marginally on a 4% jump in shipments in the December quarter.

Shares of Origin Energy (ORG) rose 0.7% after the company lifted its fiscal year 2023 forecast for its key energy markets business on higher natural gas prices and improved coal delivery under legacy contracts.

New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.1% to finish the session at 12,036.05.