The local share market has pared back much of the strong gains made in morning trade but remains in positive territory.

After surging above the 5,000 mark the indices have dropped back into the 4,900s but still remain almost half a per cent higher.

Energy and mining stocks are continuing to do well after bounces in commodity prices.

Rio Tinto is up 2.5 per cent, while BHP Billiton has climbed more than three per cent despite revealing a $10 billion write-down on its US oil assets.

The broader market was less buoyant, with Telstra, Woolworths and Wesfarmers only slightly higher.

The banks have also retreated but remain in the black with best performer NAB up 0.59 per cent.

KEY FACTS:

* At 1208 AEDT on Friday, the benchmark S&P/ASX200 index was up 26.7 points, or 0.54 per cent, at 4936.1 points.

* The broader All Ordinaries index was up 26.3 points, or 0.53 per cent, at 4,990.4 points.

* The March share price index futures contract was up six points at 4884 points, with 21,302 contracts traded.

* At 1215 AEDT, national turnover was 767.2 million securities traded worth $1.5 billion.