The Australian share market has broken a six day losing streak as bargain hunters picked up the banking and mining stocks that had fallen in value the past week.
But shares still posted their fourth straight weekly fall.
IG market analyst Evan Lucas described Friday’s performance as a technical bounce in the absence of any key drivers.
“People are finding value after the miners and the big four banks were hit hard over the past six days,” Mr Lucas said.
“A bit of bounce was expected.”
Friday’s rise came as the Australian dollar fell below 90 US cents for the first time since early September, after encouraging economic data from the United States and Reserve Bank Governor Glenn Stevens’ comments that the dollar was still too high.
Westpac gained 18 cents to $31.00 as it held its AGM, where it indicated talk about confidence rising since the election had not translated into greater business loan activity.
NAB added 31 cents to $33.35, Commonwealth Bank gained 69 cents to $74.20, while ANZ shed 10 cents to $30.25.
BHP Billiton gained 31 cents to $35.85, Rio Tinto dropped five cents to $65.09 and Fortescue Metals was steady at $5.36.
Crown Resorts was one of the worst performers, dropping 72 cents, or 4.3 per cent, to $15.90 after the Victorian government increased its poker machine levy.
KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was up 35.9 points, or 0.71 per cent, at 5,098.4.
* The broader All Ordinaries index was up 32.3 points, or 0.64 per cent, at 5,101.5.
* The December share price index futures contract was 37 points higher at 5,094, with 43,242 contracts traded.
* National turnover was $1.27 billion securities worth $4.38 billion.
