The Australian share rose slightly as investors shrugged off significant falls on overseas markets and focused on domestic corporate news.
The benchmark S&P/ASX200 index closed up 10.8 points, or 0.25 per cent, at 4,258.2, while the broader All Ordinaries index lifted 10.3 points, or 0.24 per cent, to 4,324.1.
The December share price index futures contract was nine points lower at 4,259 points, on volume of 35,572 contracts.
City Index chief market analyst Peter Esho said the market had lifted from a negative start on the back of local corporate news and the absence of any bad news.
He said the market had been boosted by global miner BHP Billiton, which held its annual general meeting (AGM) on Thursday.
“Comments from the BHP AGM were not exactly positive, but there was nothing really there to spook the market. I think that has helped,” Mr Esho said.
“The absence of bad news has kept the market from falling.”
Mr Esho said falls on United States markets overnight were largely based on issues affecting the US financial sector.
He said the Australian financial sector did not necessarily face the same issues.
BHP Billiton said that economic uncertainty and equity market volatility would create challenges for the company in the short term. BHP Billiton shares gained 39 cents, or 1.1 per cent, to $37.04.
Oil and gas supplier Santos lifted three cents to $13.14 after it told a parliamentary inquiry it would withdraw an application to build a coal seam gas (CSG) pipeline in the central west of NSW.
Industrial services company Spotless Group added four cents to $2.39 as it said a $698 million takeover offer from a private equity firm undervalued the company.
Building products maker James Hardie jumped 40 cents, or 6.6 per cent, to $6.48 after it returned to profitability in the first half of fiscal 2012 and confirmed its full year earnings guidance.
Breads and spreads maker Goodman Fielder was steady at 55 cents after it said it would consider selling its commercial milling and oils businesses under a restructure aimed at returning it to profitability.
Seven West Media improved nine cents to $3.33 as it attributed a sharp fall in the media group’s share price to the turmoil on equity markets but said investors would now revalue the group after a debt refinancing.
BlueScope Steel shed two cents to 69 cents after the chair of its remuneration committee defended a decision to pay about $3 million worth of bonuses in a year where the company posted a $1 billion loss.
National turnover was 1.85 billion shares worth $4.34 billion, with about five shares rising for every four that fell.
On Wall Street overnight, the Dow Jones Industrial Average dropped 1.58 per cent as investors fretted over the potential impact that the Eurozone debt crisis would have on US banks.
The spot price of gold in Sydney at 1700 AEDT was $US1,764.47 per fine ounce, up 69 cents from Wednesday’s local closing price of $US1,763.78.
