ASX Today Live News & Analysis

Australia's share market has broken a four-week losing streak despite a flat final session, notching its best weekly performance since May.

The S&P/ASX200 slipped 3.2 points on Friday, down 0.04 per cent, to 8,614.1, while the broader All Ordinaries edged 6.7 points higher, or 0.08 per cent, to 8,918.7.

Trading volumes sunk as a US bank holiday provided the backdrop for the quiet session, after hopes of an interest rate cut from the Federal Reserve buoyed global equities during the week.

"The gains we've seen back reflect that change in global thinking about US interest rates," Moomoo market strategist Michael McCarthy told AAP.

"But it's cold comfort, really for Australian investors, because the inflation data we saw this week clearly indicates the Reserve Bank has no room to reduce rates at the moment."

With the focus on US rates, any rationale for the week's local equities rally was a bit shaky, Mr McCarthy said.

"I'm concerned that this might dawn as a slow burn over Australian investors that rates aren't coming down and they might be going up," he said.

"That might mean we need to reprice the risk of shares."

Eight of 11 local sectors ended the day higher, led by consumer staples, IT stocks and utilities, while financials, real estate plays and the communications segment fell behind.

Woolworths led staples higher with a 3.2 per cent rally on the back of an upgrade from JP Morgan, while Endeavour surged almost two per cent.

A 0.7 per cent drop in financials came as all big four banks traded lower, but the broader sector still managed to snap a two-week losing run with a 0.2 per cent push since Monday.

Raw materials stocks surged more than five per cent over the week, but were mixed on Friday as concerns about China's property sector weighed on iron ore futures.

BHP and Rio Tinto traded slightly lower on Friday but were up more than three per cent each over the five sessions.

Gold stocks were broadly higher on the back of higher US rate cut expectations, as the spot price climbed to $US4,184 ($A6,406) an ounce, lifting VanEck's Goldminers ETF more than 10 per cent since Monday to five-week highs.

Energy stocks edged slightly lower over the five sessions, coiling tightly as investors weighed oil oversupply concerns and a potential Ukraine-Russia peace plan against a re-escalation of conflict in the Middle East.

The tech sector was the week's best performer, soaring more than six per cent to snap a four-week losing streak, with dip buyers scooping up IT stocks in unison with a lift in Wall Street's tech-heavy Nasdaq.

The Australian dollar is buying 65.29 US cents, down from 65.38 on Thursday evening, but trading at two-week highs on the back of shifting US interest rate expectations.

ON THE ASX:

The S&P/ASX200 fell 3.2 points, or 0.04 per cent, to 8,614.1

The broader All Ordinaries gained 6.7 points, or 0.08 per cent, to 8,918.7

The NZX 50 added 56.95 points (0.42%) to 13,489.15 while the Nikkei gained 86.81 points (0.17%) at the time of writing, to be closed at 50,253.91

Companies Holding Annual General Meeting (ASX 300):

Centuria Capital Group

IperionX Limited

Myer Holdings Limited