The Australian share market closed half a percentage point higher as investors chased higher yielding financial stocks.
At the close on Friday, the benchmark S&P/ASX200 index was 25.0 points, or 0.52% higher at 4,835.2, while the broader All Ordinaries index was up 25.1 points, or 0.52%, at 4,858.9.
On the ASX 24, the March share price index futures contract was 23 points higher at 4,804, with 22,953 contracts traded.
IG Markets analyst Stan Shamu said investors had been drawn to high yielding financial stocks.
“It’s all been about the defensive names, particularly the yield plays in the banking sector,” Mr Shamu said.
Commonwealth Bank retested an all time high of $63.70 on Friday before closing at $63.59, up 0.55% for the day.
Westpac closed 1.7% higher at $27.55 and Macquarie was 2.5% higher at $37.99.
NAB gained 0.55% to $27.24 while ANZ firmed 0.3% to $26.07.
“With downward pressure in interest rates everyone continues to chase that yield play.”
Data released on Thursday showed that China’s manufacturing activity had reached a two-year high.
On Wall Street overnight, the Dow Jones Industrial Average gained 0.33% to 13,825.33 points.
On the local market womenswear retailer Specialty Fashion Group had soared 27 cents, or 38.57%, to 97 cents.
The owner of the Katies and Millers chains says it expects its first-half profit to nearly triple due to cost savings and improved sales.
Sleep disorder specialist ResMed gained 30 cents, or 7%, at $4.58, after posting a 24 per cent increase in its second quarter net income, ahead of market expectations.
Construction giant Leighton Holdings advanced 92 cents to $20.00 after announcing its subsidiary Thiess had won a $175 million maintenance contract with Sydney Water.
In the resources sector, global miner BHP Billiton was six cents weaker at $37.10, and Rio Tinto shed 23 cents to $66.06.
Atlas Iron nudged up 0.5% to $1.575 after meeting expectations with its second quarter production results.
Penrice Soda shares were flat as chairman David Trebeck launched an angry attack on dissident shareholder London City Equities (LCE) after he survived Australia’s first two strikes board spill meeting.
National turnover was 1.9 billion shares worth $6.68 billion, with 541 stocks up, 456 down and 346 unchanged.
