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The Australian share market managed to claw its way into positive territory at the close of trade, buoyed by the gold miners and oil companies, despite lower base metal prices and falls on overseas markets.
The benchmark S&P/ASX200 index was up 14.5 points, or 0.41 per cent, at 3,540.7, while the broader All Ordinaries index had gained 16.9 points, or 0.49 per cent, to 3,478.2.
On the Sydney Futures Exchange, the March share price index contract was 11 points lower at 3,505 on a volume of 27,016 contracts.
CMC Markets analyst David Taylor said the local market worked hard to push into positive territory at the close of trade.
"We were weak at the knees at the open following a very disappointing session on Wall Street overnight," Mr Taylor said.
Mr Taylor said that with base metal prices down overnight the market did not get off to a good start.
"All in all a pretty weak session largely saved by some interest in a few defensive plays and good performances from our gold producers."
Mining giant Rio Tinto gained A$1.44, or 3.54 per cent, to A$42.15, while rival BHP Billiton shed 15 cents, or 0.49 per cent, to A$30.50.
IG Markets research analyst Ben Potter said there wass some nervousness about BHP Billiton ahead of its result next week, with a profit warning a real possibility.
Amongst gold miners, Newmont found 40 cents, or 6.91 per cent, to A$6.19, Lihir Gold appreciated 17 cents, or 5.74 per cent, to A$3.13, Sino Gold gained 27 cents, or 5.76 per cent, to A$4.96 and Newcrest rose 60 cents to A$31.00.
The spot price of gold in Sydney was US$903.70 per fine ounce at 1624 AEDT, up US$20.15 on Thursday's local close of US$883.55.
In the US, caution returned to Wall Street on Thursday as weak earnings reports and record unemployment claims offered the latest evidence of the economy's struggles.
- AAP