Reuters Finance News, Australia

(Updates to market closing)

SYDNEY, May 9 (Reuters) - Australian shares rose 0.85 percent to their highest level in over three months on Friday, as upbeat earnings at National Australia Bank Ltd (ASX: NAB.ax) lifted the financials, while resource firms rose on strong commodity prices.

The benchmark S&P/ASX 200 index .AXJO rose 48.6 points to 5,771.8, based on the latest available data, a level not seen since Feb. 5 and adding to a near 1 percent rise in the previous session. ($1=A$1.06) (Reporting by Geraldine Chua)