Australian stocks led by financials

The Australian share market closed moderately higher today, with a market-pleasing profit from Macquarie Group boosting the financial sector and a higher oil price underpinning resource stocks.

Brokers are now awaiting the Henry Tax Review, to be issued this Sunday.

At the 1615 AEST close, the benchmark S&P/ASX200 index had gained 21.8 points, or 0.46 per cent, to 4,807.4 points, while the broader All Ordinaries index had risen 17.7 points, or 0.37 per cent, to 4,833.8 points.

On the Sydney Futures Exchange, the June share price index futures contract lost 10 points to 4,814 points, on a volume of 27,447 contracts, according to preliminary calculations.

Macquarie Private Wealth adviser Helen Spencer said the market had performed disappointingly at the close after a robust lead from offshore.

She said there were some concerns about the release of the Henry Tax Review this Sunday.

"We're only barely hanging on to the gains from this morning," Ms Spencer said.

"Ahead of the Henry Tax Review there are potential uncertainties about what that will bring to the market.

"The market traded cautiously on the back of that but also dragging from this morning's gains with a bit of negative outlook for tonight in the US on the futures."

Mining giant BHP rose 25 cent to $40.75, while rival Rio dropped 49 cents to $72.10

CMC Markets market analyst David Taylor said higher oil prices had helped boost the resources sector, and the likelihood that Greece would accept an austerity package in return for a bailout from its debt problems had given investors a little more appetite for risk.

Among the four major banks, Commonwealth Bank rose 94 cents to $58.51, Westpac added 20 cents to $27.20, ANZ was steady at $24.20 anf NAB fell one cent to $28.00.

Macquarie Group jumped $1.94, or 4.01 per cent, to $50.29 after it increased full year profit by 21 per cent.

QBE Insurance Group fell 10 cents to $21.10. It said it had raised US$850 million (A$916.54 million) in bonds to pay down debt and general corporate purposes.

MAp Airports closed up three cents to $3.14 after it reported a lift in first quarter earnings amid rising passenger numbers.

Shares in internet service provider iiNet jumped eight cents, or three per cent, to $2.75 after it completed its acquisition of rival Netspace.

Woodside Petroleum will send a high-level team including chief executive Don Voelte to East Timor after the tiny nation threatened to sink plans for a multi-billion-dollar gas project.

Woodside shares rose five cents to $45.40.

Supermarket giant Woolworths on Friday said it increased third quarter sales by 4.7 per cent and reaffirmed its full year guidance.

Woolworths added 19 cents to $27.10 while Coles owner Wesfarmers fell 54 cents, or 1.81 per cent, to $29.29.

The price of gold in Sydney at 1640 AEST was US$1,172.80 per fine ounce, up US$5.84 on Thursday's closing price of US$1,166.96.

Local gold miner Newcrest fell 53 cents to $33.09 and its takeover target Lihir dropped five cents to $3.81.

The top-traded stock by volume at 1644 AEST was GPT Group, with 90.59 million shares worth almost $52.99 million changing hands.

Preliminary national turnover was 2.38 billion shares worth $8.79 billion, with 603 stocks up, 497 down and 357 unchanged.

- AAP