Australian shares rise on the back of banks, energy stocks
May 23 (Reuters) - Australian shares edged higher on Friday, as gains in energy and bank stocks offset losses in miners and gold, with investors closing out a week shaped by the Reserve Bank of Australia's second interest rate cut in more than four years.
The S&P/ASX 200 index rose 0.3% to 8,370.4 by 0046 GMT. The benchmark gained 0.3% for the week and is on track to record its second straight week of gains.
The Aussie dollar was 0.1% weaker against the U.S. dollar to A$0.64 on the day.
The Reserve Bank of Australia on Tuesday cut interest rates by 25 basis points to 3.85% — its second reduction since 2020, following its first cut in over four years at the February meeting.
Financials sub-index was on the rise and advanced by 0.8%, with shares of National Australia Bank and Commonwealth Bank of Australia up 0.8% and 0.5% respectively.
Westpac and ANZ gained 0.6% and 0.7% respectively.
Energy stocks followed and were up 0.6%.
Earlier in the day, Reuters reported U.S. President Donald Trump would sign executive orders as soon as Friday to boost the nuclear energy industry by streamlining approvals for new reactors and reinforcing fuel supply chains.
Uranium miners, which have operations in the U.S., rose, with shares of Boss Energy , Paladin Energy and Deep Yellow emerging as top gainers on the benchmark. Stocks were up 11.7%, 9.2% and 7.8% respectively.
Countering gains, miners were down 0.4% as iron ore prices were rangebound.
Shares of mining giants BHP, Rio Tinto and Fortescue lost 0.2%, 0.9% and 1.6% respectively.
Gold stocks fell by 0.7% despite a rise in bullion prices.
New Zealand's benchmark S&P/NZX 50 index fell 0.2% to 12,637.74.
Investors are now on the lookout for Reserve Bank of New Zealand's next cash rate decision, due on May 28. (Reporting by Roshan Thomas in Bengaluru; Editing by Alan Barona)
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