The benchmark S&P/ASX200 rose 28.3 points on Friday, or 0.32 per cent, to 8,773.5, as the broader All Ordinaries gained 32.6 points, or 0.36 per cent, to 9,063.5.
The post-earnings season dip indicated global or market factors - rather than fundamentals - had pushed local shares to new highs, Capital.com market analyst Kyle Rodda said.
"The earnings story clearly showed that fundamentally the market isn't that strong," he told AAP.
"Nevertheless, there's flow going into equities and there's reason to buy equities ... we're just lacking a bit of an impetus on the local market to rise higher."
The Commonwealth Bank led three of the big four banks and the wider financials sector higher, as nine of 11 investment groupings finished in the green.
For the week, eight local segments ended lower, led by a 3.6 per cent tumble in energy stocks largely due to Santos tanking on Thursday after it was jilted by a takeover suitor.
The technology, consumer discretionary and utilities sectors carved out gains across the five sessions.
Raw materials faded on Friday and gave up 1.8 per cent for the week as group heavyweight BHP tumbled more than three per cent after it cut hundreds of jobs and mothballed a Queensland coal mine.Â
Gold miners finished the week on a high note, with Evolution Mining rallying 3.2 per cent and Northern Star up 1.2 per cent, as the precious metal hovered about $US3,650 ($A5,535) an ounce.
Gold hit a new all-time high of $US3,707.65 on Wednesday night as the US Federal Reserve confirmed an interest rate cut and left the door open to several more in 2025.
Health care's 0.9 per cent bounce indicated some interest from dip-buyers as the sector clocked five straight weeks of losses, which have wiped 15 per cent of its value.
Telix Pharmaceuticals was among the top 200's best performers on Friday, surging 6.4 per cent to $14.53 after Citi gave it a "buy" rating and touted its prostate cancer treatment's potential.
Consumer discretionary stocks performed well over the week, buoyed by a 4.1 per cent rally in JB Hi-Fi to $118.94.
At the other end of the table was Rebel Sport owner Super Retail, which has tumbled 3.9 per cent since it sacked chief executive Anthony Heraghty for denying an alleged relationship with the company's former human resources head.
The Australian dollar is buying 65.95 US cents, down from 66.22 US cents on Thursday at 5pm, as the greenback reclaimed ground against major currencies after recent weakness.
ON THE ASX:
* The S&P/ASX200 rose 28.3 points on Friday, or 0.32 per cent, to 8,773.5
* The broader All Ordinaries gained 32.6 points, or 0.36 per cent, to 9,063.5
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.95 US cents, from 66.22 US cents on Thursday
* 97.51 Japanese yen, from 97.61 Japanese yen
* 56.05 euro cents, from 56.15 euro cents
* 48.83 British pence, from 48.70 British pence
* 112.52 NZ cents, from 112.30 NZ cents
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