Commonwealth Bank and its three big rivals have led the share market higher, despite falls by energy companies on the back of lower oil prices.
The market rose 0.2 per cent, as CBA surged by almost two per cent after investment bank Goldman Sachs improved its rating on the lender to buy, citing value in the stock, IG market strategist Evan Lucas said.
National Australia Bank rose 1.4 per cent, Westpac added 0.6 per cent and ANZ was 0.2 per cent higher.
“Buying in banks is the major reason,” Mr Lucas said.
Before Wednesday’s and Thursday’s gains, the local market had fallen about 320 points, or about five per cent, more than the two to three per cent falls in the US and European markets, he said.
Mining giants BHP Billiton and Rio Tinto also found support, with BHP adding 27 cents to $20.07 and Rio gaining 24 cents to $47.07, despite falling iron ore prices over the past week.
The energy sector continued to fall, in line with oil prices, with Woodside Petroleum dropping 29 cents to $27.08, Oil Search shedding five cents to $6.34 and Santos was 10 cents weaker at $3.41.
Myer fell two cents to $1.27 after cutting its full year dividend despite a doubling of its annual profit.
KEY FACTS:
* The benchmark S&P/ASX 200 index was up 12.2 points, or 0.23 per cent, at 5,239.9 points.
* The broader All Ordinaries index was up 10.5 points, or 0.2 per cent, at 5,337.1 points.
* The December share price index futures contract was up nine points at 5,227 points, with 30,550 contracts traded.
* National turnover was 2.8 billion securities traded, worth $7.4 billion.
