News: XMM Australia shares close higher on optimism from China support measures

	  ASX 200 rises, but posts worst week since September 2022 

	  Miners snap 4-day losing run 

	  Rio Tinto pauses mining in Pilbara, shares drop  

(Updates to close)

Australian shares broke a four-session losing streak on Friday, aided by commodity and financial stocks, as hopes of stimulus measures by the country's biggest trading partner, China, raised local investor sentiment.

The S&P/ASX 200 index (xjo) ended 0.1% higher at 7,068.80. For the week, the benchmark declined 2.9%.

Local Chinese media reports about support measures by the country to promote the development of its private economy uplifted investor sentiment.

"China would ever jeopardise the long-term contracts or supply chains it has with Australia and I think commodities are going to do very well," Brad Smoling, managing director at Smoling Stockbroking, said.

"ASX is going to do very well for the balance of the year, and a lot of that will be commodity-driven which filters back down into our surplus."

Australia recorded its first surplus in 15 years for the year to June 2023 due to strong jobs growth and bumper mining profits.

Investors now look to August inflation and retail sales data due next week - metrics that will shape the rate hike trajectory of the Reserve Bank of Australia (RBA).

In Sydney, energy stocks .AXEJ rose 0.7%, tracking rising oil pressures on concerns about global supply. For the week, however, the sub-index posted a 4.1% decline.

Woodside Energy (WDS) rose 0.6% and Santos (STO) gained 0.7%.

Miners .AXMM gained 0.7% after three straight sessions of declines as iron ore prices rose due to optimism about China's business support measures.

Shares of Rio Tinto (RIO) fell 1.2% after it said it would pause work at a mining site in the Pilbara region.

Banks .AXFJ also inched up 0.2%, with the Westpac NAB) up 0.5%.

Separately, horticulture firm Costa Group (CGC) soared 6.6% as it agreed to a A$1.50 billion ($962.6 million) takeover offer by a consortium led by U.S. private equity firm Paine Schwartz Partners.

New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.5% to close at 11,372.62.