The Australian share market has hit another fresh five year high as previously underperforming stocks pushed the market to its seventh consecutive week of gains.
Telcos, utilities and health care companies all posted gains on Friday, offsetting weak performances by the major banks and resources companies.
CMC Markets analyst Michael McCarthy said trading had been very light as investors spread their risk.
“Shares that drove the market higher today were those that underperformed the market over the course of this week,” Mr McCarthy said.
“It did look like there was some spreading across the market.”
Telstra lifted six cents to $5.02 and TPG added four cents to $4.37.
Investors pushed Origin Energy’s shares up 18 cents to $14.47, despite the competition watchdog taking legal action over the company’s door-to-door sales practices.
AGL shares increased by 25 cents to $15.68.
In the health sector, CSL gained $1.03 to $65.54, Sonic Health Care gained 26 cents to $16.20 and Ramsay Health Care was six cents higher at $36.35.
The local market followed the lead of US stocks, which rose overnight despite political jockeying in Congress and the threat of a looming deadline to raise the US debt ceiling.
Mining giant BHP Billiton finished one cent higher at $36.36 but Rio Tinto was 10 cents lower at $63.29.
The big four banks were weaker, with ANZ down four cents at $31.52, Commonwealth five cents lower at $73.16, Westpac dropped seven cents to $33.30 and National Australia Bank closed 22 cents weaker at $35.11.
KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was up 12.6 points, or 0.24 per cent, at 5,307.1.
* The broader All Ordinaries index was up 14.1 points, or 0.27 per cent, at 5,302.3.
* The December share price index futures contract was four points higher at 5,309, with 27,175 contracts traded.
* National turnover was 1.4 billion securities worth $5.6 billion.
