The Australian sharemarket ended the week strongly, with gains on the back of a rally in iron ore prices from decade lows.
A 1.5 per cent gain on the ASX200 on Friday meant it ended the week 0.9 per cent higher.
Energy and mining stocks were the best performers, but every sector rose.
IG market strategist Stan Shamu said while commodity prices gains had driven stocks up, it was interesting to see banks also move higher after a recent trend in which miners gain when the banks fall or vice versa.
However he said it would be a tricky time for equities, with iron ore still volatile and an interest rate cut next month looking less likely.
“If we don’t get a rate cut soon then the yield trade might unwind a little bit locally,” Mr Shamu told AAP.
Among miners, BHP shares jumped 99 cents, or 3.2 per cent, to $32.05, its highest level since early March.
Rio Tinto climbed $1.49 to $57.79 and Fortescue lifted 12 cents to $2.21, a 5.7 per cent jump.
Commonwealth Bank lifted $1.38 to $92.10, National Australian Bank climbed 23 cents to $38.07, ANZ was up 46 cents to $35.72 and Westpac gained 24 cents to $38.42.
A rare loser on the day was sleep disorder specialist ResMed, which dropped 91 cents, or 9.7 per cent, to $8.46 after it achieved a small rise in quarterly profit but said selling prices and currency movements dented its margins.
KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was 88.5 points, or 1.5 per cent, higher at 5,933.3
* The broader All Ordinaries index was up 86.5 points, or 1.5 per cent, at 5,906.8.
* The June share price index futures contract was 107 points higher at 5,938, with 31,813 contracts traded.
* National turnover was 1.7 billion securities worth $6.2 billion.
