Australian shares closed slightly higher after solid gains for the major banks offset weak overseas leads.
CMC Markets senior trader Tim Waterer said Australian shares staged a recovery from a negative opening as the major banks dragged the market higher.
“Despite the poor offshore lead the Australian market put on a brave face today largely thanks to the firm showing by the major banking stocks,” he said.
“However, outside of the financials other segments of the market were pulling back in anticipation of potentially more volatility stemming from Europe over coming weeks.”
National Australia Bank closed 28 cents higher to $30.63, ANZ jumped 41 cents to $28.55 and Westpac surged 42 cents to $30.50.
However Commonwealth Bank fell two cents, or 0.03 per cent, to $68.63.
Leighton Holdings shares plunged $1.50 to $20.20 after the construction giant announced a shake-up of its board due to pressure from a major shareholder.
Whitehaven Coal shares also dived six cents to $2.19 when it announced it was laying off 40 jobs in NSW to deal with lower coal prices.
However, shares in troubled retailer Billabong surged 5.5 cents, or 7.91 per cent, to 75 cents after it reassured shareholders that its takeover talks with two potential suitors were continuing.
The mining giants closed in negative territory.
BHP Billiton lost six cents to $33.43, Rio Tinto dived 38 cents to $57.92 and Fortescue Metals plunged 10 cents to $3.81.
* KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was up 7.9 points, or 0.16 per cent, at 4,967.3 points.
* The broader All Ordinaries index was up four points, or 0.08 per cent, at 4,980.8 points.
* The June share price index futures contract was up five points at 4,975 points, with 26,008 contracts traded.
* National turnover was 2.01 billion securities worth $3.95 billion.
