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By Rajasik Mukherjee

Aug 16 (Reuters) -Australian shares rose on Friday to notch their best week of the year, as investors digested a mixed bag of earnings from some major blue-chip companies, while U.S. data soothed fears of an imminent recession in the world's largest economy.

The S&P/ASX 200 index .AXJO rose 1.3% to 7,971.1, marking its highest close in two weeks. For the week, it gained 2.5% in its best week since Dec. 15, 2023.

Market participants assessed the earnings of some major companies this week including top lender Commonwealth Bank of Australia CBA.AX, top polluter AGL Energy AGL.AX, and biotech giant CSL CSL.AX.

"Market is very volatile. Beats are getting small bounce, while missed are getting bashed in small- and micro-cap space," said Mathan Somasundaram, CEO of Deep Data Analytics.

Next week, investors will focus on the earnings of oil and gas giant Santos STO.AX and Whitehaven Coal WHC.AX

On Friday, bellwether financials .AXFJ rose for a seventh consecutive day and closed 1.6% higher in their best session since July-end. The sub-index gained 4.8% this week in its best week since October 2022.

Miners .AXMM soared 2.1% on Friday after a two-session slide. BHP Group BHP.AX added 2%.

Energy stocks .AXEJ also gained as global oil prices rose on favourable U.S. economic data. O/R

Among individual stocks, ASX ASX.AX fell as much as 3.3% to hit a one-week low after the country's stock market operator reported a dip in annual earnings as higher expenses bit into the firm's bottom line.

New Zealand's benchmark S&P/NZX 50 index .NZ50 closed flat. It gained 4% for the week, its best since April 2020.

Reporting by Rajasik Mukherjee in Bengaluru; Editing by Subhranshu Sahu

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