The Australian share market closed higher for a fourth consecutive day, thanks to gains in resource giants BHP Billiton and Woodside Petroleum, plus retailers Wesfarmers and Woolworths.
Macquarie Private Wealth division director Lucinda Chan said it’s been “quite a strong week for the market” as investors await the upcoming US earnings season.
The long awaited release of China’s GDP failed to move the local market on Friday as the figures were in line with expectations, Ms Chan said.
The benchmark S&P/ASX 200 closed 0.76 per cent higher, despite the US and UK markets closing flat.
Trading volume was slightly lighter than usual.
BHP Billiton closed 41 cents higher at $19.28 and Woodside Petroleum finished 51 cents higher at $26.14, despite oil prices falling overnight.
Wesfarmers, which owns Coles and Bunnings, finished 88 cents higher at $41.62, and Woolworths rose 32 cents to $22.19.
Biotechnology group CSL also found support among investors, finishing $1.65 higher at $101.58.
The nation’s top four banks closed higher after a choppy session.
The Commonwealth Bank closed 29 cents higher at $75.00, Westpac gained 17 cents to $30.90, ANZ rose eight cents to $23.85 and National Australia Bank closed three cents higher at $26.76.
Bucking the trend were Rio Tinto and Fortescue Metals, which finished 40 cents lower at $48.20 and 15 cents to $3.04, respectively.
Bell Potter downgraded Fortescue to a sell rating from a hold, while Morningstar voiced concerns about the iron ore company’s outlook, Ms Chan said.
Real estate company McGrath was placed in trading halt on Friday so it could review its earnings forecast as the housing market eases.
McGrath shares last traded at $1.30, and have consistently traded below its $2.10 a share initial public offer price since listing on the Australian bourse in December.
KEY FACTS:
* The benchmark S&P/ASX 200 index was up 38.9 points, or 0.76 per cent, at 5,157.5 points.
* The broader All Ordinaries index was up 36.4 points, or 0.7 per cent, at 5,224.1 points.
* The June share price index futures contract was up 55 points at 5,146 points, with 36,803 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,230.1 per fine ounce, down $4.70 on Thursday’s price of $US1,234.80.
* National turnover was 3.31 billion securities traded, worth $5.42 billion.