The local share market has hit a new record for a third day this week, despite double-digit losses for Cochlear and AMP following disappointing earnings results.
The benchmark S&P/ASX200 index on Friday finished up 28.6 points, or 0.34 per cent, to 8,568.6, while the broader All Ordinaries climbed 20.9 points, or 0.24 per cent, to 8,825.1.
Around 11am the ASX200 had breached 8,600 for the first time ever, climbing as high as 8,615.2. It also broke records on Wednesday and Thursday.
The index rose 0.5 per cent for the week, its fifth week of gains out of the past six.
So far in this young year, the market is up 4.9 per cent after rising 7.5 per cent in the previous 12 months.
"Despite lots of noise shares continue to perform well," AMP chief economist Shane Oliver said.
Among the reasons for equities gaining ground are the prospects for rate cuts, and Dr Oliver predicted the Reserve Bank would join other central banks with its own cut on Tuesday.
A cut was not a certainty, but on balance more likely than not, Dr Oliver indicated.
AMP predicts three rate cuts this year, with the next move unlikley until May, well clear of the upcoming federal election.
The Australian dollar meanwhile was at a two-month high against its US counterpart, which had slid to a similar low against a basket of other currencies on President Donald Trump's talk of "reciprocal tariffs".
The Aussie was buying 63.19 US cents, from 62.93 US cents at 5pm on Thursday.
Returning to the ASX, three of its 11 sectors finished in the green, with financials and health care down slightly and energy falling 0.7 per cent.
Consumer staples was the biggest gainer, rising 1.9 per cent as Endeavour Group climbed 4.0 per cent and Woolworths added 1.8 per cent.
In the financial sector, AMP plunged 14.9 per cent to $1.49 after the wealth manager reported its underlying net profit was up 15.1 per cent to $236 million.
Elsewhere in the sector, GQG Partners hit a near three-month high of $2.44 after announcing it had $US153 billion in funds under management at year end, up 26.9 per cent from a year ago.
The big four banks finished mixed, with NAB down 0.6 per cent to $40.99 and CBA dropping 0.8 per cent to $165.44, while Westpac and ANZ both gained 0.2 per cent, to $34.71 and $31.29.
In health care, Cochlear sunk 13.7 per cent to a 15-month low of $262.73 after the hearing aid company announced its underlying full-year profit would likely be at the lower end of guidance of $410 million to $430 million.
The company blamed lower services revenue as fewer people upgraded to the latest version of its sound processor, along with higher cloud-related investments.
In the heavyweight mining sector, BHP dropped 0.2 per cent to $40.92 and Fortescue fell 0.7 per cent to $19.52 while Rio Tinto added 0.7 per cent to $121.17.
ON THE ASX:
* The benchmark S&P/ASX200 index on Friday rose 15.8 points, or 0.19 per cent, to 8,555.8
* The broader All Ordinaries added 20.9 points, or 0.24 per cent, to 8,825.1.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 63.21 US cents, from 62.93 US cents at 5pm AEDT on Thursday
* 96.48 Japanese yen, from 96.92 yen
* 60.46 euro cents, from 60.28 euro cents
* 50.34 British pence, from 50.35 pence
* 111.17 NZ cents, from 111.23 NZ cents
