The local share market has finished on a high note, snapping its three-day losing streak with gains that accelerated in the late afternoon to close out May firmly in positive territory.
The benchmark S&P/ASX200 index on Friday rose 30 points in the final 30 minutes of trading to finish up 73.5 points, or 0.96 per cent, to 7,701.7, while the broader All Ordinaries rose 74.9 points, or 0.95 per cent, to 7,970.8.
A day after erasing all its gains for the month, the ASX200 ended up finishing the month up 0.49 per cent, defying the adage "sell in May and go away".
It lost 0.34 per cent for the week, however - its second straight week in the red.
AMP chief economist Shane Oliver said that markets globally had been weighed down this week by uncertainty around the timing of US rate cuts and higher bond yields.
The ASX had also been dragged down by higher than expected inflation data, lower metal and energy prices and questions about what the failure of BHP's $75 billion bid for Anglo American might mean for it, Dr Oliver added.
All of the ASX's sectors except for property finished higher on Friday, with consumer staples the biggest mover, rising 1.9 per cent as Woolworths added 2.0 per cent.
In the heavyweight mining sector, goldminers shone as the precious metal traded for $US2,345 an ounce. Northern Star added 2.8 per cent, Evolution added 2.4 per cent and West Africa Resources rose 7.0 per cent.
Elsewhere in the sector, BHP gained 0.5 per cent to $44.51 and Rio Tinto added 1.0 per cent to $128.96, while Fortescue edged 0.2 per cent lower at $24.74.
In the health care sector, Telix Pharmaceuticals and Avita Medical both posted double digit gains on the back of some good news for both companies.
Telix soared 15.3 per cent to an all-time high of $18.15 after positive data from a small clinical trial evaluating its potential prostate cancer treatment, while Avita Medical added 12.4 per cent to a six-week high of $2.99 after receiving US approval for an advancement in its spray-on skin treatment for burn victims.
All of the big retail banks were higher, with CBA up 1.3 per cent to $119.54, NAB adding 0.9 per cent to $33.91, ANZ advancing 1.2 per cent to $28.25 and Westpac climbing 0.2 per cent to $25.98..
In other news, fast-food chain Guzman y Gomez on Friday announced it would list on the ASX in late June, once it has completed a $242.5 million public offering, the second biggest of the year.
At the offer price Guzman will have a market capitalisation of $2.2 billion, making it a likely ASX200 component.
The Australian dollar was buying 66.40 US cents, from 65.97 US cents at Thursday's ASX close.
Looking forward, traders will be watching Friday night, Australia time, for the release of monthly US Personal Consumption Expenditure index data, the Federal Reserve's preferred metric of inflation.
Domestically, the Fair Work Commission's minimum award wage decision will be announced this Monday, and first-quarter gross domestic product data unveiled on Wednesday.
ON THE ASX:
* The benchmark S&P/ASX200 index on Friday gained 73.5 points, or 0.96 per cent, to 7,628.2
* The broader All Ordinaries rose 74.9 points, or 0.95 per cent, to 7,970.8.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.40 US cents, from 65.97 US cents at Thursday's ASX close
* 104.16 Japanese yen, from 103.52 Japanese yen
* 61.36 Euro cents, from 61.13 euro cents
* 52.21 British pence, from 51.99 pence
* 108.34 NZ cents, from 108.22 NZ cents
