SYDNEY, AAP – Shares on the ASX have had their fifth consecutive week of gains – the best run this year – and ended the week at a record closing high.

Information technology shares attracted most attention with gains of 3.53 per cent on Friday and helped the market close higher by 0.13 per cent.

Investors appeared to recover from US Federal Reserve officials on Thursday bringing forward estimates of higher rates to 2023.

On Friday, the benchmark S&P/ASX200 index closed higher by 9.9 points, or 0.13 per cent, to 7368.9.

The index came within three points of a record high.

The All Ordinaries closed up by 23.8 points, or 0.31 per cent, to 7624.3.

The Australian dollar was buying 75.41 US cents at 1619 AEST, lower from 76.20 US cents at Thursday’s close.