At closing bell, the benchmark S&P/ASX200 index advanced 55.47 points, or 0.78%, to 7,177.80. The broader All Ordinaries index increased 60.91 points, or 0.83%, to 7,373.30.

The top performing stocks in the S&P/ASX 200 Index were NOVONIX and GOLD ROAD RESOURCES, up 8.58% and 5.59% respectively. The bottom performing stocks in S&P/ASX200 index were LAKE RESOURCES and HARVEY NORMAN, down 5.3% and 3.76% respectively.

Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Materials was the best performing sector, gaining +1.88%, followed by healthcare (up 1.09%), information technology (up 0.83%), A-REIT (up 0.55%), and financial (up 0.54%) sectors. Energy was bottom performing sector, falling 0.84%.

Shares of materials companies advanced, as sharp rebound in iron ore prices. Market heavyweight BHP (up 2.5%) and Fortescue (up 4.1%) climbed. Rio Tinto (up 2.5%) jumped after saying it will partner with Canada's First Quantum Minerals Ltd to develop the La Granja copper project in Peru.

Gold stocks also notched gains, helped by a jump in bullion prices. Shares of Northern Star and Newcrest Mining rose 2.2% and 1.7%, respectively.

Healthcare companies including Cochlear (up 2.4%) and Ramsay (up 2.2%) also gained.

Shares of banks and financials also gained, with Commonwealth Bank of Australia inching 0.2% higher.

Shares in HMC Capital fell 2.7% on returning to trade after the asset manager said it will buy 11 private hospitals from US-based Medical Properties Trust for A$1.20 billion

CURRENCY NEWS: The Australian dollar was stood at 0.6701 against greenback on Friday, easing 0.07% from previous trading day closure at 0.6707, as markets wagered the Reserve Bank of Australia (RBA) was near done with tightening after 10 straight rate hikes.

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