The S&P/ASX 200 rose 0.2% to 8,875 on Friday, extending its fifth straight session of gains and hovering near its highest level since November 2025, supported by strength in heavyweight financials and major mining stocks. Bank shares advanced despite renewed interest-rate concerns after Commonwealth Bank lifted owner-occupier fixed mortgage rates by up to 0.7 percentage points, pushing its lowest two-year fixed rate to 5.79%, while Macquarie Bank raised fixed loan rates by 0.25 percentage points across all terms. CBA, Westpac, NAB and ANZ Group gained between 0.5% and 2.6%. Mining stocks also supported the index, with BHP Group jumping 2.6% and Rio Tinto rising 0.4% after the two agreed to jointly develop up to 200 million tonnes of iron ore in Western Australia’s Pilbara region. In contrast, energy stocks lagged after oil prices fell overnight, with Santos down 1% and Woodside Energy Group slipping 1.3%. For the week, the index is on track to post a sharp gain.