Aust shares gain, finish week up 1.6pct

The local share market has turned around a lacklustre morning with a respectable afternoon performance to finish the week on a high note.

The benchmark S&P/ASX200 index finished Friday up 34.6 points, or 0.5 per cent, to 6892.5, while the broader All Ordinaries gained 38.7 points, or 0.55 per cent, to 7089.3.

"It actually performed pretty well, driven by pretty strong resource and energy gains," Tribeca Investment Partners portfolio manager Jun Bei Liu told AAP.

"There is a bit of money being deployed back into the market into a small way," with those funds going into the larger names, she said.

Ms Liu said that there wasn't much news driving the market on Friday ahead of key US monthly jobs data that will be released late Friday night, Australia time

For the week the ASX200 rose 106.8 points, or 1.57 per cent, its second winning week in a row.

The energy sector was the biggest mover, finishing 3.4 per cent higher in its best performance in three weeks.

Woodside climbed 3.9 per cent to $38.17, Santos added 2.3 per cent to $8 and Beach Energy was up 0.9 per cent to $1.63.

Coalminers Whitehaven, New Hope and Stanmore Resources were all up around five per cent, while Yancoal added 3.5 per cent.

Ms Liu said that the resource sectors were being supported by widespread rumours that China would reopen and end its COVID-zero policies.

The heavyweight mining sector climbed 1.8 per cent, with BHP up 1.5 per cent to $38.56, Rio Tinto adding 2.5 per cent to $92.80 and Fortescue Metals climbing 3.9 per cent to $15.87.

Lithium miner Allkem gained 6.0 per cent, Core Lithium climbed 4.4 per cent and rivals Pilbara and IGO were both up around two.

In the financial sector, alternative investment manager Regal Partners tried to tank the $2.5 billion merger between fund managers Pendal and Perpetual with its own bid for Perpetual. Regal floated a figure of $30 a share.

Perpetual shares gained one per cent to $29.12, while Pendal dipped 0.2 percent per cent to $4.51, and Regal climbed 1.8 per cent to $2.85.

Among the big banks, CBA fell 1.4 per cent to $103.05, Westpac retreated 0.7 per cent to $25.50 and NAB declined 0.1 per cent to $32.12. ANZ was the outlier, rising 1.0 per cent to $24.14. Also, Macquarie was up 2.4 per cent to $170.37.

In tech, Afterpay owner Block soared 10.9 per cent to $97.03 as Jack Dorsey's company reported that third-quarter had risen 17 per cent to $US4.52 billion. Afterpay contributed $150m in gross profit

PWR Holdings was up 3.5 per cent to an all-time high of $10.91 as the engine cooling company held its annual general meeting in Queensland.

Managing director Kees Weel said the company expected to make a decision next month on a new Australian factory to support growth for the next decade.

The Australian dollar meanwhile was rebounding after slipping under 63 US cents in the overnight hours..

It was buying 63.53 US cents, from 63.68 US cents at Thursday's ASX close.

Looking forward, the US mid-term elections are on Tuesday, and then closely watched monthly US inflation data will be released overnight hours between Thursday and Friday, Australia time.

ON THE ASX:

* The benchmark S&P/ASX200 index on Friday climbed 34.6 points to 6892.5, a 0.5 per cent gain.

* The broader All Ordinaries rose 38.7 points, or 0.55 per cent, to 7089.3.

CURRENCY SNAPSHOT:

One Australian dollar buys:

* 63.41 US cents, from 63.41 US cents at Thursday's close

* 93.79 Japanese yen, from 93.59 yen

* 64.83 Euro cents, from 64.59 Euro cents

* 56.50 British pence, from 55.66 pence

* 109.03 NZ cents, from 108.99 NZ cents.