The Australian share market has finished slightly higher as investors' attention turns to the end of the financial year.
The benchmark S&P/ASX200 index finished up 26.6 points, or 0.34 per cent, at 7,796, on Friday, while the broader All Ordinaries rose 28.4 points, or 0.35 per cent, to 8,040.5.
For the week, the ASX200 rose 0.82 per cent after losing 1.7 per cent the previous week.
AMP chief economist Shane Oliver said the local bourse had been helped by a positive lead from the United States, where the S&P500 hit record highs this week thanks to gains from tech companies such as Nvidia, Apple and Microsoft.
But a "hawkish hold" on Tuesday from the Reserve Bank didn't help things.
The RBA left rates on hold - as was universally expected - but governor Michele Bullock said the board had considered raising rates, not lowering them.
Dr Oliver said AMP believed the most likely scenario was that inflation would continue to moderate, allowing the RBA's next move to be rate cut in late 2024 or in early 2025.
"However, the risk of another hike in the near term is material and the RBA’s hawkish tone makes the August meeting critical," he wrote.
The June quarter inflation readout on July 31 will be key to watch, he said.
Eight of the ASX's 11 sectors finished higher on Friday, with mining flat and industrials and consumer discretionaries slightly lower.
Utilities were the biggest gainer, climbing 1.9 per cent as Origin Energy added 3.3 per cent to $10.76.
In the heavyweight mining sector, goldminers were shining as the precious metal changed hands at a two-week high of $US2,357 an ounce.
Newmont added 2.1 per cent, Evolution rose 4.2 per cent and Northern Star climbed 1.9 per cent.
Elsewhere in the sector, BHP edged 0.1 per cent higher at $42.78, Rio Tinto climbed 0.5 per cent to $120.25 and Fortescue dropped 0.9 per cent to $21.71.
Lithium miner Pilbara fell 2.8 per cent and peer Liontown fell 5.1 per cent.
Mineral Resources dropped 7.0 per cent to a nearly two-year low of $55.76, two days after announcing it would close its Yilgarn iron ore mine in the Pilbara, throwing 1,000 employees out of work.
The big four banks had a mostly quiet day, with Westpac flat at $27.24, CBA edging down 0.1 per cent to $127.68 and NAB edging 0.1 per cent up at $36.21.
ANZ was the outlier, falling 0.9 per cent to $28.94.
Booktopia remained frozen on the ASX as the struggling online bookseller asked to extend its voluntary suspension while it tries to raise funds from various parties to stay in business.
"Indicative interest has been provided from some of these parties and they are currently undertaking due diligence ... to determine if support will be forthcoming (which) ... is necessary for the company’s continued financial viability," secretary Alistair Clarkson said.
One Australian dollar was buying 66.64 US cents, from 66.70 US cents at Thursday's ASX close.
Looking forward, next week domestic consumer price index data for May will be released on Wednesday.
Next week is also the end of the financial year, with the ASX200 up 8.2 per cent since it began.
ON THE ASX:
* The benchmark S&P/ASX200 index on Friday rose 26.6 points, or 0.34 per cent, to 7,796.0
* The broader All Ordinaries gained 28.4 points, or 0.35 per cent, to 8,040.5.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.64 US cents, from 66.70 US cents at Thursday's ASX close
* 105.90 Japanese yen, from 105.48 Japanese yen
* 62.18 euro cents, from 62.10 euro cents
* 52.62 British pence, from 52.47 British pence
* 108.77 NZ cents, from 108.78 NZ cents
