Market analyst at eToro, Zavier Wong, says despite market uncertainty, the Australian share market is "flirting with all-time highs".
"It's the banks doing all the heavy lifting. ANZ was the standout today, while Commonwealth was the key driver yesterday. Australian banks are firing on all cylinders at the moment, and when the largest sector on the ASX is delivering like this, it lifts the entire market with it," he says.
"What's important right now is just how divergent single-stock moves have been this earnings season. You've got stocks moving 5%, 10%, even 30% in a single session, that’s a lot of volatility and will continue into another big week next week. Earnings quality is being rewarded aggressively, and misses are being punished just as hard. "
The ASX 200 is at a four-month high.
"As mentioned, next week gets even bigger for the ASX with BHP and Rio Tinto both set to report, and after the recent volatility in commodity prices, those results will be critical for setting the tone across the resources sector."