Market sentiments lifted up after reports indicated the new strain poses a lower risk of severe disease and hospitalization than the Delta variant. Also, separate report stated US drugmakers Merck and Pfizer's Covid-19 antiviral pills were effective against the variant.
Meanwhile, Australian authorities said on Friday they would further shorten the interval for a booster shot to control the record surge in cases stoked by Omicron.
At closing bell, the benchmark S&P/ASX200 was up 32.73 points, or 0.44%, to 7,420.30. The broader All Ordinaries index added 37.213 points, or 0.48%, to 7,744.70. Australia market will be closed till Tuesday and will resume trading on Wednesday.
The top performing stocks in this index were AMP and PILBARA MINERALS, up 6.38% and 5.34% respectively. The bottom performing stocks in this index were ST BARBARA and RELIANCE WORLDWIDE CORP, down 2.4% and 2.38% respectively.
Shares of financials climbed up, with the top four banks rising between 0.1% and 0.6%. AMP climbed 6.4% after announcing a sale of its infrastructure debt division to Ares Management for US$310 million
Shares of energy sector rose on following an overnight rally in oil prices. Santos added 2.2%, while oil refiner Viva Energy climbed 1.8%.
Shares of materials and resources advanced as iron ore prices perked up. BHP Group rose 0.2%, while Fortescue Metals Group added 0.4%.
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