The Australian stock market closed higher after a positive lead from Wall Street, shrugging off higher unemployment levels in Europe.
The benchmark S&P/ASX200 index was up 17.6 points, or 0.41 per cent, at 4,273.1 points, while the broader All Ordinaries index added 18.1 points, or 0.42 per cent, to 4,364.1 points.
On the ASX 24 at 1629 AEDT, the March share price index futures contract was 29 points lower at 4,278 points, with 22,990 contracts traded.
CommSec market analyst Steve Daghlian said the domestic bourse had tracked a lift in the US market overnight, with the Dow Jones index cracking through the 13,000 point resistance level on several occasions during the session on Wall Street.
The European jobless rate rose from 10.4 per cent to 10.7 per cent in January, but that didn’t surprise anyone, Mr Daghlian said.
“We’re up for the second time this week,” he said.
“Most sectors improved today, although the energy sector pulled back.”
The oil price climbed over $US110 a barrel overnight – close to its highest level since May last year – after reports of a pipeline explosion in Saudi Arabia, but the claim was denied by Saudi authorities, sending the price lower to about $US108 per barrel on Friday.
Woodside was down 15 cents at $36.30, Santos fell 21 cents, or 1.51 per cent, to $13.68 and Oil Search bucked the trend, gaining 16 cents, or 2.24 per cent, to $7.30.
BHP Billiton was 14 cents firmer at $35.69, Rio Tinto eased 32 cents to $65.93 and Fortescue appreciated 13 cents, or 2.35 per cent, to $5.66.
The big four banks were mixed.
ANZ gained 31 cents, or 1.43 per cent, to $22.00, Commonwealth Bank added six cents to $49.12, National Australia Bank was down 13 cents at $23.45, and Westpac rose six cents to $20.76.
Making headlines on Friday, retailer Harvey Norman is already scaling back plans to conduct five per cent of its business online, only months after launching a brand new retail website.
Harvey Norman was down four cents, or 1.98 per cent, at $1.98.
Major shareholders in UCL Resources will not accept a hostile takeover offer from fellow phosphate explorer Minemakers, casting a cloud over the likelihood of the proposal succeeding.
UCL was two cents, or eight per cent, higher at 27 cents while Minemakers was down half a cent, or 1.82 per cent, at 27 cents.
Morocco-focused oil explorer Pura Vida Energy is on the hunt for acquisitions after a strong share market debut last month.
Pura Vida leapt 7.5 cents, or 28.3 per cent, to 34 cents.
Mr Daghlian said the corporate earnings season, which wound up this week, showed relatively solid results.
Of the 130 companies analysed by CommSec, 111 produced a profit and close to 80 per cent paid a dividend, but a drop in cash reserves was notable.
Preliminary market turnover was 1.7 billion stocks worth $3.5 billion, with 565 stocks up, 437 down and 395 unchanged.
