Australian shares hit 5000 mark THREE days of gains have helped the Australian share market reach a six-week high. The S&P/ASX200 hit 5000 just before 1125 (AEST) on Friday, after the market opened higher for a third day in a row. CommSec economist Savanth Sebastian said global market continues to benefit from improved investor sentiment and gains in the US. "They seem to be less concerned about the tapering and more focused on the growth story, and that's probably the big driver," he told AAP. It's been a broad-based rally. Mr Sebastian also said increased stability in the Australian dollar, which was trading at 91.66 US cents at midday, was also supporting the market. However, he predicted shares would fall following such strong rallies. "I don't think it's likely to be a one-way street," Mr Sebastian said. Resources stocks continued three days of strong performances on Friday, with BHP Billiton up 74 cents, or 2.25 per cent, to $33.58 and Rio Tinto up 94 cents to $55.26. Fortescue shares were up 13.5 cents to $3.58, while gold miner Newcrest had gained 83 cents, or 7.78 per cent, to $11.93. "There's been a bit of bargain hunting taking place, and it really is the miners today that's leading the charge," Mr Sebastian said. Only two of the big four banks performed well on Friday. Westpac shares lifted two cents to $29.51, while NAB gained 10 cents to $30.08. ANZ was 16 cents lower at $28.82 and the Commonwealth had fallen 28 to $71.13. At 1210 AEST on Friday the benchmark S&P/ASX200 index was up 34.6 points, or 0.7 per cent, at 5000.3. The broader All Ordinaries index had gained 35.2 points, or 0.71 per cent, at 4982.1. On the ASX 24, the September share price index futures contract was 45 points higher at 4961 with 13,947 contracts traded. National turnover was 632 million securities worth $1.45 billion.