Photo: Andrew Burton/ Getty Images.

Australian stocks continued to rally on Friday, led by banks and miners, to build on Thursday’s 3%-plus gain.

The Donald Trump rally rolls on.

The final scoreboard:

  • ASX 200 5370.70 , 41.87 , 0.79%
  • All Ords 5446.60 , 37.71 , 0.70%
  • AUD/USD 0.7612 , 0.0001 , 0.01%

In what was a choppy session of trade, investors left it until the very end to get bullish and push the index higher with the benchmark ASX200 index rallying 0.61% over the final half an hour of trade.

Indeed, in the final price crossing alone, the index jumped 0.32%, ensuring it closed on the session highs.

For the week the index rallied 3.67%, leaving it at the highest level since October 27.

It was also the largest weekly gain since mid-July.

ASX 200 for the week

Despite the headline gain, performance across the sectors was mixed, with the vast majority of the increase powered by financials, which surged 2.86%.

Helping to explain the move in financials, Australian bond yields continued to ratchet higher with the 10-year yield ACGB jumping to as high as 2.606%, a level not seen since late April.

For the week the sector surged 6.29%, the largest gain since December 2011. That’s European financial crisis territory.

All of the large retail banks added more than 2%, led by the Bendigo & Adelaide Bank which soared by close to 4%. The National Australia Bank was the best of the majors at 3.7%.

Elsewhere, helped by firmer bulk and base commodity prices overnight, materials added 0.52%.

South32 added 5.2% while Fortescue Metals put on another 3.8%. Rio Tinto and BHP Billiton were up by 2.2% and 1.4% respectively.

There were also solid gains recorded in energy (despite continued weakness in crude prices), consumer staples and healthcare.

Santos ripped higher, adding 5.2%.

At the other end of the spectrum, those sectors that trade as bond-proxies — utilities, A-REITS and telecommunications — were hammered, sliding by more than 1.7%.

Telstra slumped 2.9%.

Here’s the sector scorecard:

  • A-REITS -1.69%
  • Consumer Discretionary -1.07%
  • Consumer Staples 0.42%
  • Energy 0.74%
  • Financials 2.86%
  • Healthcare 0.57%
  • Industrials -0.79%
  • Information Technology -1.62%
  • Materials 0.52%
  • Telecommunications -2.52%
  • Utililties -3.05%
  • All Ords Gold Index -6.79%

Have a great weekend.

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