Australian shares climb 1.6% after U.S.-Iran cease-fire extension, easing tensions
Business
Australian shares had their strongest day in nearly two months, jumping 1.6% after news broke about a U.S.-Iran cease-fire extension and the lifting of restrictions on shipping through the Strait of Hormuz.
The mood on the market was upbeat with tensions easing, though worries about inflation and interest rates are still hanging around.
Miners up 3% financials dip may
Mining companies had a standout Friday, up 3%, with BHP and Rio Tinto both seeing solid gains.
Financial stocks also climbed 1.2% on Friday, but overall dipped for May due to slower mortgage growth after tax changes.
Over in New Zealand, markets saw a smaller boost as investor confidence started to bounce back.