The S&P/ASX200 closed 13.2 points higher, or 0.17 per cent, to 7932.1, as the broader All Ordinaries edged up 9.8 points, or 0.12 per cent, to 8158.7.
It was the top-200's first weekly gain in five weeks, as uncertainty around tariffs, global growth and rate-cut projections weighed on markets.
"The bullish scenario for the market long term is there," Moomoo market analyst Jessica Amir told AAP.
"The average S&P/ASX20 company is expected to grow earnings much stronger than we've seen in years."
But investors looking to buy in the current dip should be careful, she warned.
"A very similar scenario happened in 2018, people thought the bottom of the market was in, bought into the dip, but then the market fell to a new low on the back of tariffs," Ms Amir said.
Six of 11 ASX sectors were trading higher, led by a massive 3.9 per cent gain in consumer staples.
The segment rally came after a supermarket industry inquiry cleared Woolworths and Coles of price-gouging and made no recommendations to break-up the oligopoly it found the two giants dominate.
Woolies shares were up 6.3 per cent by the close, as Coles gained 4.9 per cent.
Industrials lifted 1.2 per cent, as health care, IT stocks and telecommunications services led losses, losing 0.7 per cent each.
Financials edged lower on Friday but were up 2 per cent for the week, with the big four banks finally catching a bid after tepid earnings collided with lofty valuation concerns in February, sending the sector tumbling 13.5 per cent from its peak.
Materials were up more than 2.5 per cent for the week thanks to talks of domestic stimulus in China. But a lack of follow-through let down investors, IG Markets analyst Tony Sycamore said.
"Mining stocks were a little bit disappointing," he told AAP.
"We're getting used to these headlines where China comes out and makes these top line statements, but there's a lack of detail at the bottom line and and I think the markets losing patience."
BHP and Rio Tinto were both up 1 per cent for the day.
Gold finally ran into resistance, falling more than 1 per cent since hitting a record $US3,057.21 on Thursday.
But with new tariffs due on April 2, the safe-haven's run could still have upside, Mr Sycamore said.
The Australian dollar fell against a bouncing greenback to buy 62.89 US cents, down from 63.38 US cents on Thursday at 5pm.
The US dollar strength index has gained ground for three days in a row, but has clawed back less than 1 per cent of a 3 per cent slump against major currencies in March.
ON THE ASX:
* The benchmark S&P/ASX200 index rose 13.2 points, or 0.11 per cent, to 7932.1 on Friday
* The broader All Ordinaries was up 9.8 points, or 0.12 per cent, to 8158.7
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 62.89 US cents, from 63.38 US cents at 5pm on Thursday
* 94.08 Japanese yen, from 94.02 Japanese yen
* 58.10 euro cents, from 58.17 euro cents
* 48.65 British pence, from 48.78 British pence.
* 10937 NZ cents, from 109.55 NZ cents
19°C