The Australian share market has closed slightly higher, but trading volumes were low as investors remained cautious ahead of the weekend elections in Greece.
On Friday, the benchmark S&P/ASX200 index rose 15.1 points, or 0.37 per cent, to 4,057.3 points, while the broader All Ordinaries index was up 17.2 points, or 0.42 per cent, at 4,107.0 points.
On the ASX 24, the June share price index futures contract was nine points higher at 4,053 points, with 29,056 contracts traded.
Greeks go to the polls on Sunday, with the New Democracy party set for a tight battle against the rival, radical left group Syriza.
The outcome could potentially lead to Greece exiting the euro common currency.
OptionsXpress market analyst Ben Le Brun said the total value of shares traded on the local bourse on Friday were well under the daily average.
“We’re up but it’s on absolutely no conviction whatsoever,” Mr Le Brun said.
“Overall, we are very much on hold for the Greek elections.”
Mr Le Brun said there was potential for good news arising from the elections in Greece in that it could inspire some swift policy action in relation to the troubled euro zone and see Greece stay with the euro.
“But no-one is prepared to take a bet on it at this stage – that’s why (share) volumes are so absolutely miserable at the moment,” he said.
In the resources sector, global miner BHP Billiton firmed four cents to $31.84, and Rio Tinto was up 23 cents at $54.50.
Coalworks was two cents richer at $1.005 after it said it would recommend to its shareholders an improved takeover offer from Whitehaven Coal.
Whitehaven, which itself is the target of a takeover offer from billionaire Nathan Tinkler, has agreed to an amendment that will lift its $142 million takeover offer up to $145.6 million.
Among the major banks, ANZ was eight cents lower at $21.28, Westpac climbed five cents to $20.34, National Australia Bank was up six cents at $22.12, and Commonwealth Bank found 32 cents at $50.89.
Among other stocks, casinos operator Echo Entertainment was still in a trading halt at $4.49 after it said it would seek to raise $454 million via the issue of new shares as it deals with an expected fall in earnings of up to 39 per cent.
Share registry Computershare reversed 23 cents to $7.57 after it said it would sell UK-based Flag Communication to interests associated with the chairman Chris Morris for STG400,000 ($A624,951).
The spot price of gold in Sydney was $US1,625.17 per fine ounce, up $US5.24 on Thursday’s closing price of $US1,619.925.
National turnover was 1.8 million securities worth $4.1 billion, with 495 stocks up, 492 down and 382 unchanged.
