The local share market has finished higher ahead of a crucial jobs report out of the United States that's likely to set the direction for next week's trading.
The benchmark S&P/ASX200 index on Friday closed up 28.7 points, or 0.41 per cent, to 6,954.2, while the broader All Ordinaries added 25.5 points, or 0.36 per cent, to 7,143.0.
For the week the ASX200 fell 1.3 per cent in its third straight week of losses.
It's also down 1.2 per cent for the year after closing at an 11-month low on Wednesday, and 6.9 per cent from its highs of late July.
"I think for yesterday and today, the market's taking a brief relief at this stage, but it's definitely not a pressure-off time," IG market analyst Hebe Chen told AAP.
"For me, I think it's not the bottom yet, because we're definitely still having discussions over the next interest rate hike."
For the near term, Ms Chen said all eyes would be on the US non-farm payrolls report for September, which will be released late Friday night, Australia time.
It'll be another case of good news being bad for share markets and vice versa, experts say. Stronger-than-expected jobs data would support the case for interest rates remaining higher for longer, pressuring equities.
AMP chief economist Shane Oliver also warned on Friday that the danger of a further correction was high, given the strong risk of recession, uncertainty around the Chinese economy and US politics going from bad to worse with the removal of House Speaker Kevin McCarthy.
Dr Oliver said investor sentiment had fallen from the optimism of mid-year but was still not at the levels associated with major market bottoms, suggesting the path of least resistance for shares was still down in the short term.
On Friday the ASX's 11 official sectors closed mixed, with four higher and seven lower.
The financial sector was the biggest mover, gaining 1.2 per cent as all the Big Four banks finished in the green.
Westpac added 2.1 per cent to $21.44, NAB rose 1.5 per cent to $28.94, CBA gained 1.1 per cent to $100.04 and ANZ added 0.9 per cent to $25.32.
But Magellan Financial Group was the worst loser in the ASX200, plunging 18.5 per cent to a decade low of $7.69 after the ailing investment manager disclosed it experienced net outflows in September of $2 billion.
That leaves it with $35 billion in assets under management, down from $95.5 billion at the start of 2022, shortly before the departure of star stock-picker Hamish Douglass.
GQG Partners in contrast rose 3.0 per cent to $1.36 after reporting its funds under management grew $US1.8 billion in the September quarter, to $105.8 billion.
In the heavyweight mining sector, Rio Tinto added 1.1 per cent to $113.19, BHP climbed 1.2 per cent to $43.97 and Fortescue Metals gained 1.4 per cent to $21.06..
Lithium miners Allkem and Pilbara fell to six-month lows - dropping 2.9 per cent to $10.69 and 0.8 per cent to $3.91, respectively - amid a drop in demand for the battery metal on the back of the US autoworkers strike.
Nickel, copper and lithium miner IGO fell 4.4 per cent to a more than one-year low of $11.06.
The Australian dollar was buying 63.56 US cents, from 63.57 US cents at Thursday's ASX close.
ON THE ASX:
* The S&P/ASX200 index finished Friday 28.7 points higher at 6,954.2, a gain of 0.41 per cent.
* The All Ordinaries rose 25.5 points, or 0.36 per cent, to 7,143.0
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 63.56 US cents, from 63.57 US cents at Thursday's ASX close
* 94.68 Japanese yen, from 94.52 Japanese yen
* 60.34 Euro cents, from 60.49 Euro cents
* 52.23 British pence, from 52.33 British pence
* 106.80 NZ cents, from 107.09 NZ cents
