MELBOURNE - The Australian share market finished at an 10-month high on Friday, edging 0.85 per cent higher, buoyed by financials stocks, amid a mixed offshore lead and some profit-taking.
At 1615 AEST, the benchmark S&P/ASX200 was up 38.8 points, or 0.87 per cent, at 4489.6, while the broader All
Ordinaries added 37.8 points, or 0.85 per cent, at 4495.9.
On the Sydney Futures Exchange, the September share price index contract was 17 points higher at 4466 on 4870 contracts.
The major indices finished the week at their best levels since October 7, 2008, a timee when global markets began to fall as troubled insurer American AIG received a second bailout from the US government.
The local bourse advanced weaker European indices and marginal gains on Wall Street.
EL & C Baillieu Stockbroking director Richard Morrow said profit-takers had swooped on some companies after they reported earnings results earlier in the week.
"There are a few deals being done, there are a few sectors that have been oversold this year and are fighting back, like financials, and QBE and Macquarie Group are a beneficiary of that today," he said.
"And there's profit-taking in stocks that did well earlier in the week."
QBE finished 90 cemnts, or 4.05 per cent, higher at $23.10, while Macquarie Group added 91 cents, or 1.89 per cent, to $48.95
Mr Morrow said profit-takers had targetted Nufarm, Woolworths, Westfield and Leighton in the aftermath of their earnings results.
Nufarm closed 73 cents, or 6.05 per cent lower, at $11.34, Woolworths lost 48 cents, or 1.67 per cent, at $28.30, Westfield fell 41 cents, or 3.18 per cent, to $12.50 and Leighton was down 13 cents, or 0.35 per cent, at $36.58.
Australia's major lenders moved into positive territory amid broad-based support for financials, Mr Morrow said.
"There's been a lot of interest in financials globally - you can see it in the insurance companies and banks," he said.
"But it doesn't appear to be built on anything more than a `me too' basis."
By 1630 AEST National Australia Bank was up 43 cents, or 1.57 per cent to $27.81, ANZ Banking Group added 14 cents, or 0.69 per cent, to $20.46, Westpac was 31 cents, or 1.29 per cent higher and Commonwealth Bank gained 40 cents, to $45.15.
Resources stocks gained, with BHP Billiton up 20 cents to $37.85 and Rio Tinto firming 14 cents to $57.30.
Oil Search led the oil sector higher, jumping 36 cents, or 5.99 per cent to $6.37, while Santos put on 34 cents, or 2.19 per cent to $15.89 and Woodside Petroleum added 90 cents to $49.70.
Gold stocks were mostly lower, with Newcrest Mining losing 42 cents, to $29.20 and Newmont Mining falling one cents to $4.79.
Lihir Gold closed steady at $2.72.
By 1636 AEST the spot price of gold in Sydney was US$950.40 per fine ounce, up US$4.15 on Thursday's close of US$946.25.
Retailers mostly gained, with Wesfarmers up 58 cents, or 2.33 per cent, to $25.50, Pacific Brands three cents higher at $1.15 and David Jones up 22 cents, or 4.77 per cent, to $4.83.
Harvey Norman was the standout performer, surging 54 cents, or 16.88 per cent, to $3.74 after the retailer reported a 40 per cent drop in annual profit but said it is cautiously optimistic about the future.
Media stocks were mostly lower, with Fairfax Media down four cents, or 2.67 per cent, to $1.46, News Corporation seven cents lower at $15.59 and its non-voting scrip down two cents to $13.35.
Tanami Gold was the most traded stock by volume with 156.8 million shares changing hands for $6.28 million.
Tanami's shares gained one cent, or 32.26 per cent, to 4.1 cents.
Preliminary national turnover reached 2.98 billion shares, traded for a value of $6.85 billion, with 629 stocks up, 449 down and 316 steady.
- AAP
MELBOURNE - The Australian share market finished at an 10-month high on Friday, edging 0.85 per cent higher, buoyed by financials stocks, amid a mixed offshore lead and some profit-taking.
At 1615 AEST, the benchmark S&P/ASX200 was up 38.8 points, or 0.87 per cent, at 4489.6, while the broader All
AdvertisementAdvertise with NZME.