The S&P/ASX200 rose 23.3 points on Friday, up 0.25 per cent to 9,198.6, and up 3.7 per cent in February, as it notched its best close.
The broader All Ordinaries gained 26.9 points, or 0.29 per cent, to a record close of 9,435.6.
It was a third straight week and month of gains for both indices, which have pipped several intraday and closing record highs since Monday.
Local equities have been buoyed by strong local earnings and a global rotation from IT stocks into other sectors, particularly commodities, as investor appetites shift from eye-watering tech growth to sturdier, finite resources.
"Australian shares are a key beneficiary of the rotation trade, helped by the now concluded December half-earnings reporting season confirming that listed company profits are rising again," AMP chief economist Shane Oliver said.
The local bourse is up 5.5 per cent in 2026, compared to 2.8 per cent for global stocks, almost two-thirds of which are US shares.
Seven of 11 local sectors ended the day higher, led by communications, utilities and basic materials stocks, as consumer staples tumbled in the wake of Coles' first-half earnings miss.
Materials continued to do much of the heavy lifting, up one per cent on Friday and 8.7 per cent higher in February, as the sector wrapped a remarkable eight months of gains to trade at record highs.
Gold stocks improved on Friday despite a quiet session for the precious metal, which hovered about $5,916 ($A7,286) an ounce.
Iron ore and copper giant BHP reset its all-time high every session this week, settling at $58.41 heading into the weekend after soaring almost 29 per cent this year.
The heavyweight financials sector was up an impressive 8.5 per cent for February and trading at its highest level, despite tipping lower on Friday.
Energy stocks ended the week higher as tensions and talks between the US and Iran continue over the Islamic republic's nuclear ambitions.
ASX-listed gas, oil, coal and uranium stocks all ticked higher on Friday.
Consumer staples hit a brick wall after rallying on the back of Woolworths' bumper earnings update earlier this week, tumbling 2.7 per cent as competitor Coles' financials failed to impress.
Despite some one-off impacts in the report, it appeared Coles had lost some of its hard-fought lead over Woolworths, IG market analyst Tony Sycamore said.
"This is classic duopoly ping-pong, where one surges, the other counters and overall, what we're seeing is basically the equivalent of a dodgy trolley race through the parking lot at peak hour," Mr Sycamore told AAP.
"It keeps things interesting, but the finishing line is a long way away."
Consumer cyclicals largely missed their invitation to the earnings party, down 6.6 per cent for February, which began with an interest rate hike and ended with Harvey Norman tumbling nine per cent despite boosting sales and revenue.
While the bulk of the December earnings season has drawn to a close, PointsBet, West African Resources and Endeavour Group will hand down results next week.
Financials from casino owner-operator Star Entertainment were due on Friday, but have not been released, as it continues to work on a debt deal with Private Capital Partners.
The Australian dollar is buying 71.26 US cents, down from 71.34 US cents on Thursday at 5pm, looming near three-year highs as NAB and ANZ economists tip a further Reserve Bank interest rate hike by May.
ON THE ASX:
* The S&P/ASX200 gained 23.3 points, or 0.25 per cent, to 9,198.6
* The broader All Ordinaries rose 26.9 points, or 0.29 per cent, to 9,435.6
CURRENCY SNAPSHOT:
One Australian dollar trades for:
* 71.26 US cents, from 71.34 US cents at 5pm AEDT on Thursday
* 111.05 Japanese yen, from 111.25 Japanese yen
* 60.35 euro cents, steady
* 52.83 British pence, from 52.61 British pence
* 118.97 NZ cents, from 118.72 NZ cents
21°C