The share market is slightly higher on a quiet day, with the main indices trading within a narrow range around 5,900 points since interest rates were kept on hold.

Offshore markets provided positive leads but CMC Markets chief market analyst Ric Spooner said it was a neutral day without any conviction for investors.

“Since the RBA meeting the market has been on standby and there has been a trading range it has just moved inside of,” he said.

“It would have been different if there was a cut and clear easing bias.”

China’s monthly inflation figures were better than expected but still indicate a broad slowdown, with costs for goods declining for a 37th straight month – bad news for local resources groups.

Energy and consumer staple stocks are the best performers on Friday, with the banks mixed and miners lower.

BHP Billiton was down 26 cents at $29.93, Rio Tinto was flat at $56.58 and Fortescue Metals was five cents weaker at $1.84.

Commonwealth Bank had lost 11.5 cents to $93.735 and National Australia Bank was down 12 cents at $39.26, while Westpac put on 13.5 cents to $39.655 and ANZ had increased 12.5 cents to $36.745.

On Wall Street, big gains in petroleum stocks lifted the market as investors bet on more large energy mergers following Royal Dutch Shell’s takeover of BG Group.

Locally, oil and gas producer Woodside Petroleum had added 57 cents at $34.70 and Santos had gained 14 cents to $7.51.

KEY FACTS

* At 1212 AEST on Friday, the benchmark S&P/ASX200 index was up 18.9 points, or 0.32 per cent, at 5,951.1 points.

* The broader All Ordinaries index was up 17.8 points, or 0.3 per cent, at 5,919.3 points.

* The June share price index futures contract was up 10 points at 5,945 points, with 10,845 contracts traded.

* National turnover was 537 million securities worth $1.1 billion.