The benchmark ASX 200 index finished the week up 1.03% at 5,929 points, with gains in the consumer discretionary and financials sectors offsetting a drop in consumer staples.
Consumer staples ended the week down 5.26%, with the sector impacted on Friday by a sharp drop in Woolworths’ share price after the retail giant downgraded its FY15 forecast.
The financials sector was up close to 2%, as CBA shares rose 2.2%, ANZ’s increased 1.95% and NAB and Westpac posted gains of 1.4% and 1.1% respectively. Insurance company QBE led the way, however, rising 12.9%.
The ASX 200 has risen 9.8% in 2015.
In economic news, the case for another rate cut was strengthened by weaker than expected business investment and forecasts of further falls.
The wage price index, released quarterly by the Australian Bureau of Statistics (ABS), came out on Wednesday, with wages rising at the slowest rate on record, reflecting a soft employment market.