The ASX closed up 0.49 percent on Friday, buoyed by gains in the consumer discretionary and mining sectors.

The Australian share market reached a two-week high, recording its best week of 2024. The S&P/ASX200 closed the week up 0.49 percent, or 38.2 points, at 7860 ahead of the King’s Birthday long weekend. The broader All Ordinaries also rose, gaining 0.48 percent to 8112.8 points.

Ten out of the eleven industry sectors on the local benchmark finished in positive territory. The consumer discretionary sector saw a 1.2 percent rise, and the mining sector had the second-largest boost with a 0.8 percent gain. Iron ore prices increased by 0.4 percent.

The tech sector was the only one to finish in the red, down 0.1 percent. Among individual stocks, Nuix fell 6.02 percent, and PointsBet dropped 2.80 percent. The top-performing stocks were IDP Education Ltd and Boss Energy Ltd, which rose 6.1 percent and 4.04 percent, respectively. Wesfarmers also gained 1.3 percent.

Over the past five days, the index has increased by 2.06 percent. Sky News Business Reporter Ed Boyd noted, “It was a good week for the share market, lifted by strong performances from overseas indexes. The banking sector was the top performer, with CBA reaching a record high.” CBA shares closed up 0.6 percent at $125.55.

GrainCorp was one of the week’s best performers, gaining 11.4 percent following a government forecast predicting a bumper winter crop. Conversely, Liontown experienced the biggest decline, falling 10.8 percent.