A rally by banking shares helped the Australian share market shrug off weaker resources stocks and close the week with another rise.
The S&P/ASX200 fell from its earlier highs in afternoon trade but the big four banks held the market in positive territory.
Westpac was the strongest, with its shares gaining 46 cents, or 1.5 per cent, to $30.52.
National Bank gained 13 cents to $31.00, ANZ added 29 cents to $29.41, and Commonwealth Bank edged 13 cents higher to $73.65.
BBY private client adviser Henry Jennings said most of the market activity on Friday was driven by the banks.
“It’s been pretty thin and lacklustre trading before the weekend, but the banks have been pretty much responsible for the major moves in the market,” he said.
However, Macquarie Group bucked the trend and was $1.64 lower to $43.01, its second day of falls after its forecast of profit growth failed to meet analyst expectations.
In the resource sector, lower commodity prices impacted sentiment.
BHP Billiton dropped 17 cents to $34.60, Rio Tinto shed 26 cents to $57.24 and Fortescue Metals was four cents lower at $3.61.
“Nothing too much to worry about,” Mr Jennings said.
“They are struggling a little bit, but there’s not a lot of pressure on them, and they’ve had a reasonable run in the last few weeks.”
Falls were also posted by telco giant Telstra, down two cents to $4.92, and 21st Century Fox shed 25 cents to $33.15.
Mr Jennings said next week holds plenty of action for investors, as they look to the US market and the effect of the Federal Open Market Committee’s (FOMC) July meeting.
“We’re in a lull and it’s still pretty quiet, but I think a lot of people are looking to next week,” he said.
KEY FACTS
* The benchmark S&P/ASX200 index added 6.4 points, or 0.13 per cent, to 5042.
* The broader All Ordinaries index gained 5.5 points, or 0.11 per cent, at 5023.8.
* On the ASX 24, the September share price index futures contract was 15 points higher at 5,008 with 20,401 contracts traded.
* The spot price of gold in Sydney finished at $US1,334.55 per fine ounce, up $US14.05 from $US1,320.50 on Thursday.
* National turnover was 1.94 billion securities worth $6.39 billion.
