The share market has shrugged off weak overseas leads to close higher as a stronger Aussie dollar bolstered banking stocks.
This has helped the market post its first weekly rise in six weeks.
Yield and bargain hunters drove financial and telco stocks higher, OptionsXpress market analyst Ben Le Brun said.
“We’ve seen continuation of bargain hunting in the financials and telcos partly because of the lack of international selling and the strength we’ve seen in the Aussie dollar in the last 24 hours,” he said.
“The share market has defied soft offshore leads, however the resources have been a drag on what has otherwise been a positive day.”
European equities finished sharply lower and US stocks were flat after the European Central Bank’s latest stimulus plans disappointed financial markets.
Among the big four banks, Commonwealth Bank gained 84 cents to $76.65, National Australia Bank added 29 cents to $32.97, ANZ picked up 42 cents to $31.64 and Westpac climbed 30 cents to $32.59.
Telstra was four cents higher at $5.39.
Meanwhile, sluggish commodity prices weighed on the miners.
BHP Billiton lost 20 cents to $33.45, Rio Tinto declined 14 cents to $58.80 and Fortescue Metals was 10 cents lower at $3.45.
Copper producer OZ Minerals dropped 13 cents to $3.76, while PanAust shed 3.5 cents to $1.79.
The market will keenly follow the release of US employment figures for September tonight.
KEY FACTS
* On Friday, the benchmark S&P/ASX200 index added 20.5 points, or 0.39 per cent, to 5,318.2 points.
* The broader All Ordinaries index gained 16.9 points, or 0.32 per cent, to 5,315.4 points.
* The December share price index futures contract was 36 points higher at 5,319 points, with 24,792 contracts traded.
* The price of gold in Sydney at 1700 AEST was $US1,207.00 per fine ounce, down $US10.60 on Thursday’s closing price of $US1,217.60.
* National turnover was 1.7 billion securities worth $3.8 billion.
