Utility sector leads Australian shares higher

The local share market has climbed for a second day, but finished the week slightly lower after beginning the stretch with three days of losses.

The benchmark S&P/ASX200 index finished Friday at the highs of the day, rising 61.2 points, or 0.74 per cent, to 8,285.2, while the broader All Ordinaries gained 59.1 points, or 0.7 per cent, to 8,539.0.

For the week the ASX200 dipped 9.9 points, or 0.1 per cent, after a standout 2.2 per cent gain the previous week following Donald Trump's victory in the US election.

AMP chief economist Shane Oliver said that it had been a "messy" week for global share markets, not helped by an ongoing rise in bond yields and a wind back in US rate cut expectations following slightly hawkish comments by Fed chairman Jerome Powell.

The Australian market had not performed as badly as its overseas counterparts, Dr Oliver said, attributing the dip to a further pushing back of expectations about when the Reserve Bank would start cutting rates and more falls in iron ore and energy prices.

IG analyst Tony Sycamore said the domestic bourse had been helped by Thursday's "goldilocks style" jobs report, which showed the labour market gradually cooling following a spell of extraordinary resilience.

Every ASX sector rose on Friday except health care, with utilities the biggest gainer, climbing 2.4 per cent as APA added 2.5 per cent and Origin expanded 2.4 per cent.

The big four banks all finished higher, with CBA advancing 1.5 per cent to a fresh all-time high of $155.13. Australia's biggest company has climbed 38.8 per cent in 2024, which is set to be its sixth straight year of gains.

ANZ rose 2.6 per cent to $32.45, Westpac added 1.9 per cent to a two-month high of $33.06 and NAB climbed 1.3 per cent to $39.22.

In the heavyweight mining sector, goldminers posted gains as the precious metal changed hands around $US2,564 an ounce.

Evolution rose 2.9 per cent, Northern Star added 1.0 per cent and Capricorn Metals jumped 5.0 per cent to $6.25 as the WA goldminer expanded its estimate of reserves as its Mt Gibson gold project.

Silver miner Adriatic Metals rose 9.2 per cent and Silver Mines climbed 12.9 per cent.

The iron ore giants were mixed, with BHP gaining 0.2 per cent to $40.07, Fortescue dipping 1.2 per cent to $17.73 and Rio Tinto dropping 0.2 per cent to $113.75.

CSL was weighing down the health care sector as the blood products giant dropped 2.5 per cent to $277.01.

In addition, Healius plunged 16.0 per cent to a six-month low of $1.33 as managing director Paul Anderson warned the pathology company's annual general meeting about the potential impact of the 2024/25 federal budget.

The government is exploring cuts to vitamin B12 and urine tests, Mr Anderson said, predicting the loss of funding would give pathology providers little choice but to introduce co-payments or close collection centres.

In the energy sector, Peninsula Energy plunged 25.3 per cent to a four-year low of 6.2 cents after announcing cost overruns at its Lance uranium development site in the US state of Wyoming and its chief executive was stepping down.

The Australian dollar was buying 64.61 US cents, from 64.62 US cents at Thursday's ASX close.

ON THE ASX:

* The benchmark S&P/ASX200 index finished Friday up 61.2 points, or 0.74 per cent, at 8,285.2.

* The broader All Ordinaries lifted 59.1 points, or 0.7 per cent, to 8,539.0

CURRENCY SNAPSHOT:

One Australian dollar buys:

* 64.61 US cents, from 64.62 US cents at Thursday's ASX close

* 101.13 Japanese yen, from 100.83 Japanese yen

* 61.32 euro cents, from 61.29 euro cents

* 50.99 British pence, from 50.94 pence

* 110.31 NZ cents, from 110.28 NZ cents.