The S&P/ASX200 rose 105.3 points on Friday, up 1.23 per cent, to 8,697.3, as the broader All Ordinaries gained 105.8 points, or 1.19 per cent, to 8,983.3.
The top 200 ended the week 0.64 per cent higher after losses in the first three sessions and something of a false start on Thursday when excitement about US borrowing costs gave way to worries about lofty tech valuations.
The bourse's best session in five weeks followed a mixed session on Wall Street, where the tech-heavy Nasdaq traded lower but the S&P500 and Dow Jones Industrial Average soared to record highs.
Any mixed feelings faded by Friday as miners rallied on higher commodity prices, Betashares chief economist David Bassanese told AAP.
"The optimism around Asia today seems to be a delayed reaction to US rate cut optimism, and the strength today was a little bit surprising given that the US market was only up by a little bit overnight."
"I'm not sure it's a tech rotation story here in Australia; maybe this is part of a growth-to-value rotation because we're seeing non-US markets do better than the US market overnight."
The raw materials sector charged two per cent upward as gold surged to seven-week highs to trade hands at $US4,277, less than $US100 from October's record highs.
Evolution and Ramelius Resources soared more than four per cent each, while US-headquartered Newmont rocketed 5.7 per cent to $150.06, getting an extra boost from its exposure to silver, which trounced its own record to top $US64 an ounce.
Major miners also performed well, with Rio Tinto jumping 2.5 per cent as the Albanese government revealed a rescue bid for the miner's Tomago aluminium smelter, while BHP and Fortescue notched more than one per cent lifts as iron ore futures hovered near $US106 a tonne.
Lithium producers ended the day slightly lower despite a mostly strong week, while rare earths stocks were broadly higher on a broadly rosier outlook for their underlying commodities and the resource sector.
The Commonwealth Bank led the big four banks higher, up 2.1 per cent to $155.96 and helping the broader sector notch a 1.7 per cent boost for the week to its highest value since mid-November.
NAB was the second-best of the bunch, up 1.8 per cent as leaders struck a conciliatory tone with shareholder activists at the bank's annual meeting.
It was a mixed five sessions for the healthcare sector, which ended the week lower despite a 1.5 per cent rally on Friday.
Energy stocks edged 0.4 per cent higher as oil prices firmed on supply concerns amid reports the US is preparing to seize more Venezuelan oil tankers.
Elsewhere in the sector, uranium producers Paladin and Deep Yellow posted gains of more than four per cent, while laser enrichment company Silex Systems tumbled 4.4 per cent as it continues its volatile ride towards fair value after a sharp run-up in September-October.
Locally listed IT stocks had a rough week, down 4.7 per cent over the five sessions, while consumer discretionaries and staples lost 1.3 per cent and 0.4 per cent, respectively.
The Australian dollar is buying 66.68 US cents, holding at three-month highs for a third-straight session against the greenback and up from 66.35 US cents on Thursday.
ON THE ASX:
* The S&P/ASX200 rose 105.3 points, or 1.23 per cent, to 8,697.3
* The broader All Ordinaries gained 105.8 points, or 1.19 per cent, to 8,983.3
CURRENCY SNAPSHOT:
One Australian dollar trades for:
* 66.68 US cents, from 66.35 US cents at 5pm AEDT on Thursday
* 103.84 Japanese yen, from 103.54 Japanese yen
* 56.80 euro cents, from 56.76 euro cents
* 49.77 British pence, from 49.64 British pence
* 114.68 NZ cents, from 114.49 NZ cents
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