AU Evening Wrap: Australia Shares Rise 1.1%, Round Out Weekly Gain

$S&P/ASX 200 (.XJO.AU)$ closed 1.1% higher at 6978.2, completing its strongest weekly gain since early September amid easing interest-rate worries.

Ten of 11 sectors finished higher Friday, with only the energy sector losing ground amid weakness in shares of coal miners. The financial sector, which accounts for more than 25% of the ASX 200 by market capitalization, rose 1.4% as banks $ANZ Group Holdings Ltd (ANZ.AU)$, $CommBank (CBA.AU)$, $Westpac Banking Corp (WBC.AU)$ and $National Australia Bank Ltd (NAB.AU)$ added between 0.9% and 1.7%.

$Block Inc (SQ2.AU)$'s local securities surged 25% after the U.S. company set an ambitious 2024 earnings target and announced a buyback. While some local economists expect Australia's central bank to raise the cash rate next week, the U.S. Fed's decision to hold this week added to hopes that rates globally could be close to topping out.

Penfold's owner $Treasury Wine Estates Ltd (TWE.AU)$ tumbled 8.8% after the company completed the institutional component of its entitlement offer. The winemaker announced on Tuesday that it was taking over Daou Vineyards in California.