The share market has clawed back some of its recent losses to end its worst week in two months on a positive note.
After three straight days of falls, the main indices rose by about 0.7 per cent on Friday, but were still down 1.6 per cent for the week.
“When we came in this morning we were faced with steady commodity markets, higher US markets and steady European markets, and we had to reverse some of the damage that was done over the last couple of sessions,” CMC chief market strategist Michael McCarthy said.
“It’s been a bit of a turnaround.
“Overall it wasn’t so much about investment themes as it was about trimming some positions ahead of tonight’s reading in the US.”
Key US payrolls data is published on Friday night, and very thin futures volumes suggested big international players had taken a position ahead of that data release, Mr McCarthy said.
“That is the major global event of the week,” he said.
Energy stocks were the strongest performers, with Santos gaining 16 cents, or 3.8 per cent, to $4.41 and Woodside Petroleum adding 11 cents to $28.86.
The big miners also performed strongly, with BHP Billiton up 29 cents, or 1.6 per cent, to $18.53 and Rio Tinto up 64 cents, or 1.5 per cent, to $43.54.
The big banks also gained ground, with ANZ outperforming its peers to add 33 cents to $25.09.
Westpac gained four cents to $29.96, Commonwealth added 17 cents to $75.75 and National Australia Bank was 14 cents higher at $26.48.
KEY FACTS:
* At 1615 AEST on Friday, the benchmark S&P/ASX 200 index was up 40 points, or 0.76 per cent, at 5,318.9 points.
* The broader All Ordinaries index was up 38.3 points, or 0.72 per cent, at 5,392.5 points.
* The June share price index futures contract was up 42 points at 5321 points, with 24,138 contracts traded.
* The spot price of gold in Sydney at 1700 AEST was $US1212.4 per fine ounce, down $US4.1 from $US1216.50 on Thursday.
* National turnover was 2.7 billion securities traded, worth $4.7 billion.
