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(Updates to close)Australian shares snapped a three-session losing streak onFriday as retail giant Wesfarmers soared after announcing plansto spin off its Coles supermarket division, but broader gainswere capped by further weakness in banks.
The S&P/ASX 200 index closed 0.5 percent higher or28.6 points at 5949.4, but finished the week down 0.2 percent.
The benchmark fell 0.2 percent on Thursday.
Investors flocked to Wesfarmers' stock after itannounced plans to spin off its Coles supermarket, which earnsfar less than it costs to run, and list it on the AustralianSecurities Exchange.
Wesfarmers shares gained as much as 7.4 percent at one pointand ended 6.3 percent higher at its best in over a month, whilerival Woolworths rose 1.3 percent.
Adding to the sector's cheer, fashion retailer PremierInvestments rose 6.1 percent to its highest sinceOctober 2016 after reporting a 9.4 percent rise in first-halfprofit.
Materials stocks also buoyed the index, riding on strongmetal prices, with the mining index gaining 1 percent,its best close in a week.
Top miners BHP Billiton and Rio Tinto rose1 percent and 0.7 percent, respectively.
South32 Ltd rose 5.6 percent after Credit Suisseupgraded the stock to "neutral" from "underperform".
However, an index of financial stocks fell for thefourth straight session amid a government backed inquiry intothe sector.
The "Big Four" banks fell between 0.1 and 0.6 percent. Thehearing on Thursday revealed Commonwealth Bank of
Australia and New Zealand Banking Group said itwill suspend its retail asset finance business in
Across the Tasman Sea,
Healthcare and consumer discretionary stocks accounted formost of the gains on the index.
Fisher & Paykel Healthcare Corporation Ltd was thebiggest contributor to the index, closing 1.2 higher.
Construction firm Fletcher Building Ltd surrenderedearly gains to close 0.3 percent lower after issuing shares tocertain executives.(Reporting by Devika Syamnath in Bengaluru; Editing by KimCoghill)
