On Friday, Australian shares tracked a positive lead from Wall Street as expectations of lower interest rates and hopes for more stimulus out of China lifted sentiment for risk assets.

The S&P/ASX 200 rallied 0.8 per cent or 68.8 points to 8295.1 points, ending less than 100 points away from a record high set last month. On the week, the index added 2.2 per cent, the best week since mid-August.

All 11 sectors ended in the green, except energy as oil prices retreated. Tech leapt 1.8 per cent as family app Life360 jumped 4.4 per cent to a fresh high of $23.79 after UBS substantially lifted its US share price target.

Commonwealth Bank also scaled a new high, adding 1.4 per cent to close at a record peak of $149.56. The other major banks rallied with Westpac up 2 per cent to $32.14. ANZ advanced 1.3 per cent despite reporting lower net profit in fiscal 2024. ANZ Chief executive Shayne Elliott said competition in the banking sector remained “intense”.

Overnight on Thursday, the S&P 500 rose 0.9 per cent, the Dow Jones ended flat and the Nasdaq gained 1.5 per cent after the Federal Reserve lowered its benchmark rate by a quarter of a point, as expected, and said the election result would have no impact on policy.

Meanwhile, investors awaited the outcome of a week-long meeting of the China’s top policymakers. There is mounting speculation they may unveil a large package of fiscal support to counter the threat of tariffs under a second Donald Trump presidency.

Hopes of new stimulus measures in the Asian giant’s economy have buoyed iron ore stocks. Mining heavyweight BHP rose 1 per cent to $43.40, Rio Tinto added 1.4 per cent to $123.11.

Gold miners stormed back after a rebound in bullion prices overnight on Thursday. Bellevue Gold powered up more than 3 per cent and De Grey Mining gained 2.6 per cent.

Biotech Neuren Pharmaceuticals was the top gainer on the index, up 15 per cent to $16.57 after reporting strong US sales of its Daybue drug.

At the other end of the table, Afterpay owner Block Inc was the biggest laggard, down 7.2 per cent to $111.75 after its September quarter profit and user volumes missed market expectations.

Shares in Mayne Pharma jumped 15 per cent to $5.10 after the company confirmed reports in The Australian Financial Review’s Street Talk column that Jefferies Australia had been marketing the $376 million company to prospective buyers.

In currencies, the Australian dollar has added 1.4 per cent since Monday in a tumultuous week when it plumbed a three-month low of US65.1¢ on news of a Donald Trump’s US election victory before rebounding to US66.51¢ on hopes of fresh China stimulus.