SYDNEY, AAP – A first week of gains in the past five has given investors hope the Australian share market might resume its pandemic rise.

Mining shares surged on Friday amid a general rally spurred by a truce in the US debt-ceiling stand-off.

Rio Tinto climbed four per cent. BHP gained three per cent. Fortescue was up 2.44 per cent.

The benchmark S&P/ASX200 index closed higher by 63.4 points, or 0.87 per cent, to 7320.1.

The All Ordinaries closed up 66.1 points, or 0.88 per cent, to 7617.3.

The market improved 1.87 per cent for the week.

The Australian dollar was buying 73.00 US cents at 1623 AEDT, higher from 72.80 US cents at Thursday’s close.