The Australian share market closed higher on Friday, led by investors picking up cheaper mining stocks after heavy selling in recent days.
The market was still slightly lower for the week.
The mining giants were starting to look over-sold and had dragged the overall market up, said CMC Markets senior trader Tim Waterer.
However, he did not think it represented an overall trend, with nervousness about commodity prices still strong.
“It’s just one day basically and commodities are still under pressure but a bit of confidence restored with the copper price although gold was weaker today,” Mr Waterer told AAP.
BHP Billiton jumped 65 cents, or nearly 1.9 per cent, to $34.41, Rio Tinto surged 61 cents to $55.29 and Fortescue added six cents to $3.51.
The gains were not broad-based.
The consumer staples sector traded in negative territory after Wesfarmers sharply downgraded its earnings forecast for its troubled department store Target.
Wesfarmers closed $1.27, or 2.90 per cent, lower at $42.93 and Woolworths was also down, but not as adversely affected, losing 31 cents to $34.40.
Engineering giant WorleyParsons cut its profit guidance to between $320 million and $340 million because of delays to major resources projects.
As a result its shares plunged $2.79, or 12.5 per cent, to $19.50.
The four major banks were mixed.
Commonwealth Bank climbed 38 cents to $73.21, ANZ surged 40 cents to $30.26 and National Australia Bank gained four cents to $33.09.
However, Westpac slid five cents to $31.35.
KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was up 15.1 points, or 0.29 per cent, at 5,180.8.
* The broader All Ordinaries index was 15.6 points, or 0.3 per cent, higher at 5,159.8.
* On ASX 24, the June share price index futures contract was 19 points firmer at 5,193 with 23,451 contracts traded.
* The price of gold in Sydney closed at $US1,375.65 per fine ounce, down $US15.85 from $US1,391.50 on Thursday.
* National turnover was 1.47 billion securities worth $4.53 billion.