Australian shares rose 0.5 per cent, or 39.5 points, to 7518.5 in early trade, led by increases in the materials, utilities and energy sectors.
Shares in Australia and Argentina-based lithium carbonate producer Allkem jumped 6.2 per cent to $14.08 on plans to triple lithium production by 2026. Its shares are up 27.5 per cent so far this year.
Uniti Group shares lifted 2.7 per cent after agreeing to a $2.7 billion takeover offer by a unit of Canada’s Brookfield Asset Management and fund manager Morrison&Co.
Bank of Queensland was the biggest laggard, down 3.9 per cent to $8.22. The bank reported a sharp increase in first-half profit on Thursday.
Major banks had a soft tone, but mining giants gained between 0.7 per cent to 1.3 per cent. Tech stocks were also higher.