However, market gains capped as investors awaited the outcome of a slew of central bank meetings next week for additional clues on the pace of rate hikes.
At closing bell, the benchmark S&P/ASX200 index was down 53.84 points, or 0.74%, to 7,175.55. The broader All Ordinaries index was down 53.80 points, or 0.72%, to 7,369.35.
Total 7 of 11 sectors ended higher along with the S&P/ASX 200 Index. Materials was the best performing sector, gaining +1.92%, followed by information technology (up1%) and consumer staples (up 0.6%). Utilities issue was worst performer, losing 0.8%.
The top performing stocks in S&P/ASX200 index were CHAMPION IRON and SANDFIRE RESOURCES, up 5.15% and 4.81% respectively. The bottom performing stocks in S&P/ASX200 index were NOVONIX and CAPRICORN, down 4.5% and 4.3% respectively.
Shares of materials and resources advanced after base metal prices jumped overnight, with copper up 0.7% and aluminium up 0.5%, while gold and iron futures also rose. Mineral Resources gained 3.1%, Fortescue Metals was up 2.8% and Rio Tinto 2.3%. Explosives company Orica rose 2.9%.
Tech stocks were also higher on tracking gains in US peers. Chipmaker Nvidia climbed 6.5%
Financials stocks were mixed, with Westpac posted the largest gains of the big four banks, up 0.6%, while Maquarie Group ended 1.8% lower. ANZ shares were up 0.2% after lender announced that Clare Morgan had been appointed to the bank's executive committee and the group executive Australia commercial.
CURRENCY NEWS: AUD/USD marches towards the weekly high even as China's inflation numbers flashed mixed signals on Friday. The Australian dollar was up 0.12% at $0.6785 against greenback.
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