The ASX briefly hit 6000 again on Friday, as it further draws support from investors piling into the big banks in a week of solid gains for the market.

UBS bank analysts upgraded Westpac and NAB to “buy”, saying that in a good environment credit losses could fall back to mid-cycle levels by financial 2022 and risk-weighted asset inflation may begin to normalise.
Some of the smaller banks were among the best performers for the week, with Bendigo and Adelaide Bank climbing 19 per cent to $7.32, and Bank of Queensland rising 17.2 per cent to $6.21.
Other top weekly performers included travel stocks, which further gained from hopes of a rapid reopening of the economy. Flight Centre climbed 17.7 per cent to $15.39 while Qantas Airways, which revealed on Thursday it would lift its number of domestic flights, advanced 16 per cent to $4.63.
Investors in the building sector were also keying into recovery hopes, which were buoyed by the government announcing a plan to direct funds toward home renovations.
Adibri rallied 27.6 per cent to $3.47 while Boral climbed 16.1 per cent to $$3.61.
Tech stocks had a more difficult week, with the sector sliding back on Friday for a second days of losses. Tech stocks have been at the forefront of the market advance since March,
Appen fell 4.6 per cent to $6.93 on Friday after a $61 million selldown by the company’s chairman and chief executive. Altium fell 4.3 per cent to $34.90 after Bell Potter slapped a sell rating on the electronic printed circuit board design software provider.
Cloud accounting giant Xero fell 2.2 per cent to $87.42 and Afterpay shed 3.1 per cent to $50.61.
But online retailer outperformed, with a 8.6 per cent jump to $12.38 on Friday, after telling shareholders that it had boosted its customer base to 2.07 million after adding 126,000 active customers in May. Also, financial year-to-date adjusted EBITDA to May 31 rose more than 50 per cent.
Gold miners fell over the week after the sector’s safe-haven appeal faded in the glare of sharemarket optimism. Gold Road Resources dropped 14.4 per cent to $1.55, Saracen Mineral Holdings fell 11.2 per cent to $4.54 and Silver Lake Resources fell 10.7 per cent to $1.95.
Nufarm dropped 8.7 per cent to $4.93 over the week after telling shareholders that depreciation of some emerging market currencies would significantly increase its foreign exchange costs for the year while early indications suggest a weaker fourth-quarter for the European business compared with last year.