The Australian share market finished stronger at a one-month high on the back of fresh investor optimism sparked by a robust Wall Street overnight.
US stocks surged to their highest close of the year on the back of positive jobs and manufacturing data.
Locally, the benchmark S&P/ASX200 index was up 14 points, or 0.33 per cent, at 4,195.9 points, while the broader All Ordinaries index put on 16.1 points, or 0.38 per cent, to 4,273.3 points.
On the ASX 24 at 1630 AEDT, the March share price index futures contract was up 24 points at 4,165 points, with 28,586 contracts traded.
CMC Markets head of analysis David Land said there was no real follow-through on the early positive investor sentiment locally that flowed from the strong US session
The number of people in the US applying for unemployment benefits had fallen to its lowest level in almost four years, while the housing and manufacturing sectors also continued to improve.
“The market never really had the momentum today,” Mr Land said of local stocks.
“The big percentage movers were fairly widely distributed across sectors so there wasn’t a great deal of focused buying going on.”
Surfwear retailer Billabong was among the best performers, closing up 83 cents, or 46.37 per cent, to $2.62.
Billabong on Friday left the door open for takeover offers as it started shedding 400 jobs, closing stores and offloading a chunk of its accessories business.
Billabong rejected a $A776 million offer from private equity group TPG, and reported a slump in first half profits.
Among the banks, ANZ was up 35 cents, or 1.65 per cent, at $21.55 after chief executive Mike Smith hinted at further interest rate rises, despite a stronger than expected $1.48 billion first quarter profit.
Westpac backtracked seven cents to $20.15, National Australia Bank gained nine cents to $22.72 and Commonwealth Bank eased 17 cents to $49.68.
Pacific Brands added one cent, or 1.52 per cent, to 67 cents after chief executive Sue Morphet said retail conditions were the toughest in years as the clothing maker braced for a trying second half.
Among the big miners, BHP Billiton was 10 cents softer at $35.20 and Rio Tinto was down 71 cents at $66.57.
Retailer JB Hi-Fi was down 57 cents, or 4.83 per cent, at $11.24 after going ex-dividend while Myer appreciated three cents, or 1.47 per cent, to $2.07.
The spot gold price in Sydney at 1632 AEDT was $US1,732.70 per fine ounce, up $US12.12 from Thursday’s local closing price of $US1,720.58.
Market turnover was 1.87 billion shares worth $4.14 billion, with 565 stocks up, 422 down and 389 steady.
