The prospect of further interest rate cuts, plus plenty of bargain hunting by savvy investors, is fuelling the strongest session on the share market in more than a month.
Despite weak overseas leads, the market is more than one per cent higher, as investors buy into all sectors, Phillip Capital senior client adviser Michael Heffernan said.
“A lot of investors are seeing the whites of the eyes of some really good value in shares,” he said.
“Every sector is up with the bargain hunters having a go at everything, not just the banks; even network Ten stocks are up.
“I think the view that interest rates may go down again have partly spurred this.”
The big four banks were among the better performers, with Commonwealth Bank up $1.80 at $85.30, ANZ up 54 cents at $33.26, National Australia Bank up 61 cents at $34.05 and Westpac 73 cents higher at $33.85.
BHP Billiton had gained 17 cents to $29.37, Rio Tinto had lifted 77 cents to $58.42, while Fortescue Metals was flat at $2.43.
Telstra had gained eight cents to $6.23.
Ten had put on half a cent to 23 cents, while Seven West Media was 4.5 cents stronger at $1.26 and Fairfax Media was two cents higher at $1.03.
KEY FACTS
* At 1200 AEST on Friday, the benchmark S&P/ASX200 index was up 68.7 points, or 1.2 per cent, at 5,781.8 points.
* The broader All Ordinaries index was up 64.7 points, or 1.13 per cent, at 5,779.3 points.
* The June share price index futures contract was up 63 points at 5,792 points, with 17,131 contracts traded.
* National turnover was 901 million securities worth $3.2 billion.
