The S&P/ASX 200 edged up 0.3 per cent on Friday, having briefly climbed a two-month peak in a volatile session for commodity prices due to the war in Ukraine. The index ended the week 1.5 per cent stronger in the second consecutive week of increases.

Seven out of 11 sectors advanced; the materials and utilities sectors led the gains.

BHP Billiton was up 0.9 per cent at $49.77, Rio Tinto 0.7 per cent at $116.87 and Fortescue Metals 1.7 per cent at $19.27.

Bluescope Steel was the top performer, up 5 per cent to $21.46, underpinned by rising iron ore prices.

Energy stocks rose after oil prices bounced from early losses. Santos leapt 0.7 per cent to $7.94 and Woodside 1.2 per cent to $33.59 but Paladin Energy dropped 1.8 per cent to $0.83.

Telix Pharmaceuticals was the biggest laggard, retreating 10.9 per cent to $4.21.

Premier Investments dropped 1.6 per cent to $28.48 after profits slid.

The big banks came under pressure with CBA hit the hardest, down 1.3 per cent to $105.92. Macquarie Group, however, edged up 0.7 per cent to $197.87.