The Australian share market has finished higher for a second day after an bigger-than-expected drop in US retail last month reignited hopes for rate cuts by June.
The benchmark S&P/ASX200 index finished Friday up 52.6 points, or 0.69 per cent, to 7,658.3, while the broader All Ordinaries gained 53.9 points, or 0.69 per cent, to 7,905.6.
For the week the ASX200 rose 13 points, or 0.18 per cent, despite losing ground Monday through Wednesday.
The gains came after the US Commerce Department reported overnight that retail sales far more than economists were expecting in January, a readout that ANZ's research team said potentially put earlier rate cuts by the Fed back on the table.
Eight of the ASX's 11 sectors finished higher, with telecommunications and consumer staples lower and health care flat.
The heavyweight mining sector was the biggest mover, rising 1.5 per cent as BHP added 1.0 per cent to $45.61, Fortescue climbed 1.1 per cent to $28.40 and Rio Tinto advanced 1.2 per cent to $128.96.
Lithium miners did well after the world's biggest producer, US-headquartered Albermarle, said the current low prices were unsustainable and would need to rise to support long-term demand.
Pilbara climbed 7.2 per cent, Liontown rose 11.9 per cent and IGO added 8.7 per cent.
Commonwealth Bank led its Big Four peers higher, rising 1.9 per cent to $116.28. Westpac climbed 0.8 per cent to $24.57, while ANZ and NAB both added 0.7 per cent, to $28.42 and $33.07, respectively.
Insurers IAG and QBE both fell on their earnings reports, with IAG falling 3.8 per cent to $6.08 and QBE dipping 1.7 per cent to $16.11.
IAG's reported insurance margin was 13.7 per cent, up from 8.5 per cent a year ago but at the bottom end of full-year guidance of 13.5 to 15.5 per cent.
Inghams fell 12.5 per cent to $3.78 after the poultry producer posted first-half earnings of $253.7 million, up 28.8 per cent from a year ago.
In health care, Neuren Pharmaceutical finished down 14.2 per cent to a two-month low of $19.78 after its shares were placed in a two-hour trading halt so it could respond to a US short sellers' report.
Culper Research alleged that Daybue, Neuren's new treatment for a genetic brain disorder called Rett syndrome, had "horrible" discontinuation rates due to adverse side effects, a point Neuren disputed.
Pro Medicus shares dropped 7.2 per cent to $87.24, finishing the week down 18.3 per cent after the health imaging company's earnings results on Thursday.
In tech, Brainchip shares soared 26.3 per cent to a six-month high of 36c, a gain of 60 per cent for the week.
The reason for the stellar performance is unclear, although obviously there's enthusiasm for all things AI at the moment.
The only news out of the "neuromorphic AI" chip maker on Friday was that CEO Sean Hehir would be holding a virtual investor roadshow later this month.
The Australian dollar was buying 65.19 US cents, from 64.89 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday up 52.6 points, or 0.69 per cent, to 7,658.3
* The broader All Ordinaries rose 53.9 points, or 0.69 per cent, to 7,905.6
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.19 US cents, from 64.89 US cents at Thursday's ASX close
* 97.92 Japanese yen, from 97.44 yen
* 60.58 Euro cents, from 60.46 Euro cents
* 51.81 British pence, from 51.63 pence
* 106.95 NZ cents, from 106.65 NZ cents.
