Aussie stocks end week on a high

From goodbye to good buy, the Australian market had its fourth straight session of gains to close higher on Friday following a four percent slide to begin the week.

At the close on Friday, S&P/ASX200 index was 30.3 points, or 0. 58 per cent, higher at 5,263.6, while the broader All Ordinaries index was up 32.1 points, or 0.61 per cent, at 5,274.7.

Despite a strong rally at the open, the afternoon session was muted as investors reflected on what has been a 'run of the mill' reporting season.

"One-hundred and fifty-one companies out 199 have now reported earnings, with 49.3 percent beating sales expectations and 47.1 per cent beating earnings expectations, which is relatively consistent with previous ASX earnings seasons," IG market analyst Angus Nicholson told Business Spectator.

Materials and Energy kept the bourse in the black on Friday following strong gains in global commodities overnight.

BHP Billiton rallied 5.82 percent, Rio Tinto gained 4.79 percent and Fortescue Metals is up 5.98 percent.

Santos climbed 5.58 percent, Oil Search is 5.79 percent firmer while Woodside Petroleum is up 1.81 percent.

In the finances however, the Commonwealth Bank of Australia ( CBA) slipped 0.44 percent, Westpac is down 0.70 percent, ANZ fell 0.60 and the National Australia Bank (NAB) lost 0.38 percent.

Wesfarmers is up 1.02 percent while Woolworths climbed 1.29 percent

The benchmark close on Friday put the index 49 points higher for the week. Endi