The bull run continues despite growing concerns that global equities are vulnerable to a correction. Low volatility, stretched price-to-earnings ratios and record highs on Wall Street have all been cited as cause for caution.

Australia's benchmark S&P/ASX 200 Index climbed 4.4 per cent in July to close the month at 5632.9 points, while the broader All Ordinaries Index added 4.5 per cent to 5623.1 points, as the biggest banks and miners rose in tandem.

On Thursday, the local market shrugged off global concerns about an Argentinian bond default, adding 0.2 per cent, despite some mixed domestic data.

In the month ahead, the focus for investors will be on the raft of financial results and outlook statements from August company reporting season.

Goldman Sachs co-head of equities David Acton expects results to disappoint the market, while forward guidance remains soft.

"Over 2014 the domestic economy has seen slowing housing momentum, weaker consumer spending post the budget, and a stronger dollar, yet most analysts are still tipping companies to post strong second-half results," Mr Acton said.

Adult education and training provider Navitas was the worst-performing stock in the ASX200, plummeting 30.43 per cent over the month to $4.96 as it downgraded profit guidance after losing a key contract.

Mining was the best-performing sector, up 7.7 per cent as the biggest producers delivered guidance beating quarterly production updates that put them on track to beat earnings forecasts in August. BHP Billiton lifted 7.7 per cent to $38.68, while main rival Rio Tinto gained 11.9 per cent to $66.38.

The spot price for iron ore, delivered in China, is on track for the biggest monthly gain this year, up 2.2 per cent over the month at $US95.90 a tonne, with futures trading in China on Thursday afternoon tipping a gain overnight.

Energy and utility stocks were the weakest sectors for the month despite most analysts tipping stable-to-higher oil and gas prices amid heightened global supply shock risk due to the conflicts in Crimea and Gaza.

Woodside Petroleum added 3.5 per cent to $42.52 over the month, having shed 0.8 per cent on Thursday as a tussle to convince shareholders to accept a share buyback deal failed.

Telstra Corporation lifted 5.4 per cent to $5.49 for the month, while the big four banks all advanced.

Commonwealth Bank of Australia gained 3.6 per cent at a record high $83.75, while Westpac Banking Corporation rose 2.2 per cent to $34.61. ANZ Banking Group added 1.9 per cent to $33.97, and National Australia Bank lifted 7.8 per cent to $35.32.

Woolworths gained 4.9 per cent to $36.95, while rival Wesfarmers, owner of Coles, added 5.2 per cent to $44.02.

Travel booking website operator Wotif.com Holdings was the best-performing stock in ASX 200. It soared 37.5 per cent to $3.34 after a deal was announced to sell the business to US rival Expedia.