SYDNEY — Australian shares closed higher on Friday, recovering a large part of the previous session's losses and allowing the benchmark index to finish the week with a modest gain despite persistent worries about interest rates, high oil prices and a weakening consumer.

The S&P/ASX 200 index rose 50.7 points, or 0.59%, to close at 8,711.6.

The rebound followed a bruising Thursday session in which the index fell about 0.8%. Miners did much of the damage that day, with the ASX 200 resources index down 1.50%, matching the decline in the banks index. Gold stocks also slid 1.38%, while defensive sectors found some support.

Friday's advance left the benchmark ahead for the week. The index had closed the previous Friday at 8,682.1, meaning it added roughly 0.3% over the five sessions.

A choppy week for Australian equities

The week's trading reflected a market caught between bargain hunting and caution over the outlook for borrowing costs.

On Monday, the ASX 200 ended little changed at 8,686, as gains in electronic technology, consumer durables and industrial services were offset by weakness in non-durables, utilities and retail trade. Several Australian states, including New South Wales and Queensland, observed a public holiday that day.

On Tuesday, the benchmark advanced 49 points, or 0.6%, to close at 8,736, marking a third straight gain. Commercial services, healthcare and financials led the move, with heavyweight BHP Group up 1.5% and Rio Tinto adding 1.4%.

The market then lost momentum midweek. On Wednesday, the index edged lower as losses in banks and mining stocks outweighed gains in healthcare, gold and uranium shares.........

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