The local share market has closed at an all-time high amid a wave of optimism over a positive earnings season and hopes for interest rate cuts within the next few months.
The benchmark S&P/ASX200 index on Friday finished up 46.9 points, or 0.61 per cent, to 7,745.6, its first close above 7,700.
It's the third time this year the ASX200 has finished at a record high following new marks on January 31 and February 2.
Before that, it had last recorded a new closing all-time high on August 13, 2021.
The broader All Ordinaries finished above 8,000 for the first time, gaining 47.6 points, or 0.6 per cent, to close at 8,007.1.
"What a cracker day on the market, eh?" Eightcap market Zoran Kresovic told AAP.
"I think this is a super-positive; we've been moving sideways for quite some time."
The ASX has been lagging its overseas counterparts, Mr Kresovic said, adding Friday's gains gave him confidence the market could push even higher over the next few weeks towards 7,900.
For the week both the ASX200 and All Ordinaries rose 1.4 per cent, after slightly losing ground last week.
AMP chief economist Shane Oliver said markets in the US, Europe and Japan hit record highs this week, after US inflation data came in as expected, leaving the Fed on track to begin rate cuts by mid-2024.
Global markets have been bolstered by the transformative potential of artificial intelligence after Nvidia smashed earnings expectations last week.
"While Australian shares are lagging partly because of their little exposure to AI, they are still managing to benefit from stronger global markets, prospects for RBA rate cuts later this year and the earnings reporting season being out of the way without major mishaps," Dr Oliver said.
The last company to report its earnings this season was the biggest gainer on Friday, with Life360 soaring 38.5 per cent to a more than two-year high of $11.30 after the tech company blew out operating earnings guidance by 47 per cent.
"I think the thing we're not surprised by, but it's been weird for people, is that it's very, very easy for us to show financial leverage," co-founder and chief executive Chris Hulls told AAP.
The company, which makes an ecosystem of location-tracking devices and smartphone apps, also announced plans to monetise its 61 million users through a new advertising service.
In the materials sector, lithium companies were showing signs of life, with Core Lithium rising 14. per cent and Arcadium Lithium climbing 10.3 per cent.
Elsewhere in the sector, BHP gained 2.3 per cent to $44.92, Fortescue added 1.1 per cent to $26.21 and Rio Tinto gained 0.9 per cent to $124.87.
The Big Four banks finished up, with ANZ rising 1.1 per cent to $28.75, NAB climbing 0.6 per cent to $28.75, NAB adding 0.6 per cent to $34.04 and Westpac rising 0.2 per cent to $26.41.
In currency, the Australian dollar was buying 65.12 US cents, from 65.17 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday up 46.9 points, or 0.61 per cent, to 7,745.6
* The broader All Ordinaries rose 47.6 points, or 0.6 per cent, to 8,007.1.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.12 US cents, from 65.17 US cents at Thursday's ASX close
* 97.95 Japanese yen, from 97.60 yen
* 60.23 Euro cents, from 60.16 Euro cents
* 51.56 British pence, from 51.44 pence
* 106.78 NZ cents, from 106.78 NZ cents.
