Feb 3 (Reuters) - Australian shares edged higher on Friday, and were set for their fifth consecutive weekly gain, as strong gains in healthcare and banking stocks outweighed losses in commodity-related sectors.
The S&P/ASX 200 index was up 0.4% at 7,539.3, as of 0017 GMT, rising more than 0.6% so far this week.
Shares of U.S. export-reliant healthcare firms jumped over 2% to hit their highest in more than a year after the dollar bounced.
Biotech major CSL Ltd rose as much as 2.7%, hitting its highest since November 2021.
Technology stocks took cues from Wall Street's strong finish overnight and rose as much as 1.7% to touch their highest since Sept. 14, 2022.
Financials traded in positive territory, adding 0.9%. All the "big four" banks were up, with ANZ Group Holdings rising 1.1%.
Australian markets have priced in at least two more 25 basis-point rate hikes during this tightening cycle after inflation jumped to a 33-year high in the fourth quarter.
Heavyweight mining stocks fell 1.8% and were the biggest drag on the benchmark index, after iron ore prices hit a two-week low on Thursday amid concerns about China demand recovery.
Iron ore behemoths BHP Group, Rio Tinto and Fortescue Metals Group fell between 2.3% and 1.5%.
Energy stocks declined 0.8% after oil prices slumped overnight. Sector majors Woodside and Santos lost 0.1% and 0.3%, respectively.
Gold stocks fell 3.7% after rising 4.2% on Thursday, as bullion prices reversed course to slip nearly 2% overnight.
Northern Star Resources and NewCrest Mining lost about 3% each.
Among individual stocks, Insurance Australia Group plunged 7.7% and was staring at its worst session since March 2021, after the company received more than 15,000 claims post massive floods in New Zealand.
New Zealand's benchmark S&P/NZX 50 index rose 0.2% to 12,170.06. (Reporting by Rishav Chatterjee in Bengaluru; Editing by Subhranshu Sahu)