News: XMM Australian shares rebound to close higher as ANZ jumps on record profit

	  AXJO ends day in green  

	  Banks rally led by ANZ 

	  Gold and property stocks add gains 

(Updates to close)

Australian shares rebounded to end higher on Friday, snapping a three-day losing streak, reflecting strength in local banks and property stocks, while investors remained cautious over the health of the global economic system.

The S&P/ASX 200 index (xjo) rose 0.4% to 7,220 points at the close of trade.

A bounce back in ANZ Banking Group (ANZ) shares helped lift the market as traders disregarded negative remarks from company chief Shayne Elliott.

ANZ delivered record first-half gains but warned of challenges ahead. Shares ended the day 1.5% higher.

Australia's central bank warned that risks to inflation were on the upside given low productivity growth, rising energy prices and a surge in rents as population growth outpaced all expectations.

"Inflation will remain high in the stickier parts of the cost stack, like wages, but in cost of goods sold, we are seeing relief," said Matthew Haupt, lead portfolio manager at Wilson Asset Management.

"Inflation is likely to continue to moderate over the year as demand softens and credit creation slows."

Banks .AXFJ closed the day up 0.3% as ANZ results pushed the index higher. Other major lenders, Commonwealth Bank of Australia (CBA) and Westpac (WBC) ended the day 0.3% and 0.6% higher respectively.

Miners .AXMM ended the day 0.6% higher tracking the broader market despite iron-ore prices falling to a near five-month low.

Lithium stocks also did well with Pilbara Minerals (PLS) and Allkem (AKE) closing up 4.0% and 3.8% respectively.

Property stocks .AXRE climbed for a second straight day with majors Dexus (DXS) and Stockland Corporation (SGP) ending 3.1% and 2.3% higher.

Oil prices rose slightly in morning trade on Friday which aided local energy companies .AXEJ pushing the sub-index up 0.3%.

Oil and gas majors Santos (STO) and Woodside (WDS) finished trading up 0.9% and 0.5% respectively.

Gold stocks .AXGD had their best week in three with Newcrest Mining (NCM) and Ramelius Resources (RMS) ending the day up 2.2% and 5.6% as banking turmoil bolstered gold demand.

New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.7% to finish the session at 11,889.