(Corrects headline and second paragraph to say 'record high',
not 'three-month' high)
* Australia shares gain 2.1% on week, NZ down 2.2%
* Miners rise 2% for day, energy stocks gain 1.7%
* Broader market tracks Wall Street higher
May 28 (Reuters) - Australian shares settled more than 1%
higher on Friday, posting their best week in seven, as mining
and energy stocks tracked an uptick in commodity prices, while
strong U.S. data boosted hopes of an economic recovery and
lifted sentiment globally.
The benchmark S&P/ASX 200 index closed 1.2% higher
at 7,179.50, a record high, and posting a weekly gain of 2.1%.
Metals and mining stocks jumped 2%, adding 1.6% for
the week, as iron ore futures rose after China said it planned
to curb steel output to meet its peak carbon emission target.
Rio Tinto and BHP Group rose 2.6% and
2.9%, respectively. Fortescue Metals, on the other
hand, slipped 0.7% after it raised the cost estimate for its
Iron Bridge magnetite project for the second time this year.
Energy stocks gained 1.7% as oil prices climbed on
promising U.S. economic data and expectations of a strong
rebound in global fuel demand in the third quarter.
Index heavyweights Santos and Oil Search
advanced 2.3% and 2.2%, respectively.
Financial stocks rose more than 1% with the "Big
Four" Australian banks gaining between 1.1% and 1.4%.
The broader market was also aided by an uptick in U.S.
shares overnight after data showed an improvement in the labour
A separate report by the Commerce Department confirmed that
gross domestic product rose at a 6.4% annualised rate last
quarter, compared with a 4.3% growth in the fourth.
In New Zealand, the benchmark S&P/NZX 50 index fell
0.5% to 12,182.25, with real estate and utilities stocks being
the biggest drags on the index.
The biggest loser on the index was Mercury NZ,
which fell 5.8% in its worst day since July 9, while Pushpay
Holdings slipped 2.9% to NZ$1.690.
(Reporting by Tejaswi Marthi in Bengaluru; Editing by