The Australian share market has risen with the major miners leading gains despite another fall in iron ore prices.
The market has recovered from Thursday’s losses with investors shrugging off a dip in iron ore prices overnight, CommSec market analyst Steven Daghlian said.
“The major miners are leading gains despite falls in iron ore overnight,” he said.
“This is because there has been a 30 per cent rise in (iron ore prices) in four weeks partly boosted by optimism of high demand from China for now.
“How long that rally will last is a different matter all together; we still have had a 40 per cent drop in iron ore in 12 months.”
At 1200 AEST, BHP Billiton was up 30 cents, or 0.94 per cent, at $32.27 and Rio Tinto gained 31 cents, or 0.54 per cent, to $58.01, while pure iron ore player Fortescue Metals was down four cents, or 1.73 per cent, at $2.27.
The major banks are mixed after the National Australia Bank and Westpac both traded ex-dividend this week.
Commonwealth Bank has led gains among the big four after Thursday’s losses.
CBA rose 71 cents, or 0.85 per cent, to $84.33, ANZ lifted 17 cents, or 0.51 per cent, to $33.19, while Westpac fell 18 cents, or 0.54 per cent, to $32.85 and National Australia Bank dived $1.12, or 3.16 per cent, to $34.37.
Health stock ResMed had climbed 4.23 per cent, or 28.5 cents, to $7.015 after plunging about 18 per cent on Thursday when it admitted a trial of one of its sleep disorder therapies found it increased the risk of heart attacks.
Shares in IGA supermarkets owner Metcash were up 11.5 cents, or almost nine per cent, at $1.40 after it announced that it was considering spinning off its automotive division, including Autobarn, Autopro and Midas brands.
Amcom Telecommunications shares were up eight cents, or 3.35 per cent, at $2.47 after Vocus Communications sold its 10 per cent stake in the company in a move it hoped would give a planned merger the best chance of success.
KEY FACTS
* At 1200 AEST on Friday, the benchmark S&P/ASX200 index was 22.3 points, or 0.39 per cent, higher at 5,718.9.
* The broader All Ordinaries index was also up 22.3 points, or 0.39 per cent, at 5,714.8.
* The June share price index futures contract was 37 points higher at 5,724, with 12,566 contracts traded.
* National turnover was 667 million securities worth $1.7 billion.