SYDNEY, AAP – A late spike on the Australian share market has ensured it closed at its highest level of the day.

The market closed up 0.6 per cent on Friday after the commodity shares of energy and materials powered trade for much of the day.

It was a third consecutive day of gains for the ASX in a week in which the US Federal Reserve raised rates for the first time since 2018.

The benchmark S&P/ASX200 index closed up 43.6 points, or 0.6 per cent, to 7294.4 points.

The index is down about 400 points from its record high in August last year.

The All Ordinaries index was higher by 49.6 points, or 0.66 per cent, to 7571.2 points.

For the week, the market gained 3.27 per cent.

The Australian dollar was buying 73.82 US cents at 1200 AEDT, higher from 73.15 US cents at Thursday’s close.