Australian shares gained for a third straight session to seal a solid weekly advance, with a sparkling session for energy companies and banks pulling the index higher.

The S&P/ASX 200 index advanced 29 points, or 0.5 per cent, to 6119, the broader All Ordinaries index also rose 29 points, to 0.5 per cent, to 6228, while the Australian dollar reached US79.99c in late trading.

On Friday, energy companies moved higher after a solid session for oil prices, with Woodside up 2.1 per cent at $34.24 and Santos jumping 4.3 per cent to $5.37.

Energy companies helped the ASX post a 1.2 per cent weekly gain as well, with the sector moving up 2 per cent over the week.

"This is all about positioning for the late stages of the bull market," said Julia Lee of Bell Direct, speaking about the market. "The stocks that do well in this environment are commodities, oil and gas, and growth stocks."

The market is relying on energy and mining companies to drive earnings this year, Ms Bell said. She's expecting 7 per cent earnings growth for 2018.

Healthcare firm Sirtex was the standout of the week, jumping 48.7 per cent per cent after telling shareholders it had agreed to a $1.6 billion takeover offer from Varian.

James Hardie climbed 11.4 per cent over the week, after shooting up 6.9 per cent to $23.68 on Friday. The building materials firm revealed a 9 per cent drop in third-quarter profit but a corresponding 9 per cent increase in sales.

Citi analysts described the quarterly results as stronger than expected and a "blowout quarter" in terms of North American earnings before interest and tax margins.

Banks also climbed during Friday's session, with investors picking up shares in CBA, which gained 1 per cent to $80.79, Westpac, which rose 0.9 per cent to $31.70, NAB, which moved 0.9 per cent higher to $29.56 and ANZ, up 0.8 per cent at $29.12 Over the week the sector advanced 1.8 per cent.

Companies that can be viewed as bond proxies were acting as a bit of a brake on the market on Friday after another turbulent week for US ten year bond yields, which hit fresh 2014 highs over the week following what some economists described as relatively hawkish tone to the latest Federal Reserve policy meeting.

Toll road firm Toll Group fell 1.3 per cent to $11.91 and Mirvac declined 3.2 per cent to $2.12.

High yielding sectors underperformed over the week as well, with industrials up just 0.1 per cent, real estate up 0.2 per cent and utilities up 0.7 per cent.

The Australian market's relatively heavy weighing to higher-yielding sectors likely means that overall earnings will continue to lag those of overseas markets, Ms Bell said.

"Australia is seen as a high-yield market, a more defensive market," she said. "Lots of money has been parked over here. It's now making its way back offshore," she said.