The Australian share market finished the first quarter of 2012 around seven per cent higher, with the broad All Ordinaries index closing a few points off its eight-month high.
The local bourse gained around two per cent over the week despite closing slightly lower today.
The benchmark S&P/ASX200 index was down 2.7 points, or 0.062 per cent, at 4,335.2, while the broader All Ordinaries index was down two points, or 0.045 per cent, at 4,420.
On the ASX 24, the June share price index futures contract was up four points at 4,344, with 34,407 contracts traded.
The local market had bucked the trend established in offshore markets during the last two weeks, and had traded higher through the important technical level of 4,300 points, Martin Lakos, director at Macquarie Private Wealth said.
“In this case it’s very much from a position where we’ve been significantly underperforming (foreign markets), so it may just be a period of catch-up.”
Some market players have suggested the local equity market is trading on the expectation that the Reserve Bank of Australia (RBA) will cut the official interest rate next Tuesday, he added.
In an AAP survey of 15 economists, none expect the RBA to further drop official interest rates when its board meets on April 3.
Defensive sectors had led the market in recent days, but were weaker on Friday as materials stocks took the spotlight.
CSL Ltd lost 41 cents to $35.89 after jumping 3.27 per cent, while Telstra eased one cent to $3.29 after firming two cents a day earlier.
Market heavyweight BHP Billiton gained 36 cents, or 1.05 per cent, to $34.61, while Rio Tinto outpaced the broader market and finished $1.04, or 1.62 per cent, higher at $65.40.
Energy majors were mixed, with Woodside Petroleum slipping 49 cents, or 1.39 per cent, to $34.81, Santos down 17 cents, or 1.18 per cent, to $14.24, but Oil Search firmed six cents to $6.97.
Banks and financials were also mixed, with Westpac the only big four bank to finish in positive territory by gaining one cent to $21.89.
Macquarie Group fell 36 cents, or 1.22 per cent, to $29.08 and Bendigo and Adelaide Bank gained 13 cents, or 1.71 per cent, to $7.75.
Qantas shares fell three cents, or 1.65 per cent, to $1.785 after the airline on Friday said fuel surcharges on its international flights would rise between $10 and $30 from April 12.
Shares in rival Virgin Australia eased 0.5 cents to 46 cents after it said its proposed new ownership structure had been finalised and an in specie dividend would be distributed to shareholders.
Wesfarmers added 29 cents to $30.03 after its hardware chain, Bunnings, said its $1.5 billion expansion plan would create 6,000 jobs over the next three years.
Preliminary market turnover reached 2.6 billion shares, worth $7.8 billion, with 559 stocks trading up, 457 down and 397 steady.
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