Australian stocks rise on the back of banks, energy shares

May 23 (Reuters) – Australian shares climbed higher on Friday, as gains in energy and banking has compensated losses in miners and gold, with investors ending a week 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 at 0046 GMT. The benchmark rose 0.3% for the week and is on track to take up its second straight week of profits. The Aussie dollar was 0.1% weaker against the US dollar to a $ 0.64 on the day. The Reserve Bank of Australia on Tuesday reduced interest rates by 25 basis points to 3.85% – its second reduction since 2020, after the first cut in more than four years during the February meeting. Financial sub-index was on the rise and advanced by 0.8%, with shares of the National Australia Bank and Commonwealth Bank of Australia with 0.8% and 0.5% respectively. Westpac and Anz achieved 0.6% and 0.7% respectively. Energy supplies followed and increased by 0.6%. Earlier in the day, Reuters reported that US President Donald Trump would sign executive orders as soon as Friday to boost the nuclear energy industry by streamlining approvals for new reactors and strengthening fuel supply chains. Uranium miners, who operate in the US, have risen, with shares of Boss Energy, Paladin Energy and deep yellow rising as top profits on the benchmark. The shares increased by 11.7%, 9.2% and 7.8% respectively. Miners fell 0.4% as iron ore prices were reached. Shares of Mining Giants BHP, Rio Tinto and Fortescue lost 0.2%, 0.9% and 1.6% respectively. Golden shares dropped 0.7% despite an increase in bullying prices. New Zealand’s benchmark S&P/NZX 50 index dropped 0.2% to 12,637.74. Investors are now on the lookout for the next cash rate decision of Reserve Bank of New Zealand, which is payable on May 28 (reporting by Roshan Thomas in Bengaluru; editing by Alan Barona)