At closing bell, the benchmark S&P/ASX200 index was up 70.25 points, or 0.96%, to 7,354.42. The broader All Ordinaries index added 73.36 points, or 0.98%, to 7,554.01.

Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. A-REIT issue underperformed, losing 2.66%, followed by energy (down 2.45%), financials (down 1.02%), consumer discretionary (down 1.02%), and industrials (down 1%). Health Care was the best performing sector, gaining 1.09%

The top performing stocks in S&P/ASX200 index were CORPORATE TRAVEL MANAGEMENT and IPH, down 5.9% and 5.2% respectively. The bottom performing stocks in S&P/ASX200 index were CORPORATE TRAVELL and IPH, down 5.8% and 5.2% respectively.

Shares of banks and financials closed in the red, with Commonwealth Bank falling 1.4%.

Energy stocks were also down, with Woodside Energy declining 2.6% to $35.70 and Santos sinking 3.8% after it lost its bid to restart work at the multi-billion-dollar Barrosa gas project. Metallurgical coal company Coronado Global Resources lost 4.3% after it revealed its Curragh site would not meet production volumes and mining costs guidance due to unprecedented weather.

Shares of materials and resources companies advanced, with rare-earths miner Lynas gaining 2.5% and copper player Silver Lake Resources surging 7%. Gold miners Capricorn Metals and Newcrest Mining also advanced, climbing 8.1% and 2.1%, respectively.

ECONOMIC NEWS: Australia Retail Sales Fall 0.2% In October- The value of retail sales in Australia was down a seasonally adjusted 0.2% on month in October, the Australian Bureau of Statistics said on Friday - coming in at A$35.017 billion. On a yearly basis, retail sales climbed 12.5%. Individually, food retail was up, but household goods, clothing, department store sales, other retailing and café retailing all were down. Online sales were relatively flat following a 0.5% decline in the previous month.