By Soumyajit Saha
June 19 (Reuters) - Australian shares gained on Friday, hitting a more than one-week high, helped by energy stocks that tracked higher oil prices, although worries remained about a second wave of COVID-19 infections around the world.
The S&P/ASX 200 index .AXJO rose 0.73% to 5,979.9 in early trade and hit its highest since June 11.
The index was set for a near 2% weekly gain as hopes of a quick economic recovery persisted following the U.S. Federal Reserve's move to expand its bond-buying program on Monday, amid worries of higher COVID-19 cases in the United States and China.
On Friday, a subindex for energy stocks .AXEJ rose 1.4% after oil futures extended gains following a meeting of OPEC and its allies to review the record oil supply cuts. Brent LCOc1 and U.S. WTI crude CLc1 rose 0.36% and 0.44% each. O/R
Cooper Energy Ltd COE.AX led gains on the energy subindex with a 3.95% jump.
Among individual shares and indexes, gold stocks .AXGD advanced 0.88%, led by Cardinal Resources Ltd CDV.AX , up 29.03%. Its board recommended an all-cash takeover offer for the company from Shandong Gold Mining Co. 600547.SS of the yellow metal XAU= rose 0.02% to $1,722.80.
Financial stocks .AXFJ rose 0.56% as three of the "big four" banks rose.
Miners .AXMM also rose, led by New Century Resources Ltd NCZ.AX , up 6.45%.
The number of issues on the ASX that advanced were 706, while 236 declined as a 3-to-1 ratio favoured advancers.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.24% to 11,251.8 and was set to gain more than 3% for the week.