Australian shares finished slightly higher as investors moved back into iron ore focused stocks amid softness in other sectors.
At the close of trade on Friday, the benchmark S&P/ASX200 index was up 3.1 points, or 0.07 per cent, at 4,486.6 points, while the broader All Ordinaries index was 4.9 points, or 0.11 per cent, higher to 4,510.1 points.
On the ASX 24, the December share price index futures contract was nine points higher at 4,487 points, with 17,292 contracts traded.
RBS Morgans director of equities Bill Chatterton said big iron ore miners such as BHP, Rio Tinto and Fortescue pushed up the broader market amid stronger iron ore prices.
“That would have had a major contribution to today’s result,” Mr Chatterton said.
Those stocks had outperformed the wider market as the spot price hovered around $120.
BHP Billiton shares closed 29 cents, or 0.87 per cent, higher at $33.54, Rio Tinto shares gained 98 cents, or $1.77 per cent, to $56.40 and Fortescue was 10 cents, or 2.7 per cent, stronger at $3.85.
US stocks closed flat despite some surprisingly good data on weekly jobless claims.
All of the major European markets performed strongly, including the London, Paris and Frankfurt bourses, pushed up by retail stocks.
Fortescue shares have gained about 30 per cent in the past few weeks, rewarding shareholders who held their nerve during the falls that led up to it refinancing its heavy debt load.
ANZ was five cents higher at $25.66, National Australia Bank was down five cents to $26.20, Commonwealth Bank was up 11 cents to $56.85 while Westpac shed 10 cents to $25.70.
Billabong shares plunged to a record low of 82 cents, before recovering to 83.5 cents, a 16.9 per cent fall.
TPG withdrew its $694.5 million takeover bid, the second private equity firm in a fortnight to withdraw its takeover offer for Billabong during the due diligence phase.
Other retailers were weaker, including JB Hi Fi which fell 10 cents, or one per cent to $9.70 and David Jones was three cents, or 1.1 per cent, weaker at $2.52.
National turnover was 1.4 billion securities worth $3.6 billion, with 513 stocks up, 397 down and 359 unchanged.
