Australian shares have ended the week on a high note, posting their best day since March as strong overseas markets added a tailwind and traders bought back into banks and miners.
The benchmark S&P/ASX200 closed up 50 points, or 0.9 per cent, at 5,788.1 points while the broader All Ordinaries lifted 0.8 per cent.
Commsec analyst Steven Daghlian said the local market had posted its fourth straight day of gains and its best day since March 29.
“The banks came back but were coming off a bad four weeks – the big four banks are up one per cent and that’s a big help,” he said.
The local market rose from the open after a record close on Wall St overnight and Mr Daghlian said offshore enthusiasm – where most major indexes are at or close to record highs – was feeding into local trading.
All sectors were higher with the exception of safe-haven utilities.
Mining stocks benefited from a lift in iron ore futures, with BHP Billiton, Rio Tinto and Fortescue all gaining more than one per cent.
In companies news Friday was relatively quiet, with logistics giant Qube Holdings gaining 1.5 per cent after successfully closing the institutional component of a $350 million capital raising.
Markets were subdued ahead of the release of US non-farm payrolls data on Friday night – due at 2230 AEST.
A strong gain in US jobs figures will lift the likelihood of a rate rise in the US and spark markets next week.
Local data will also be a focus, with the Reserve Bank meeting to consider the official interest rate on Tuesday and the national GDP figures out on Wednesday.
The Aussie dollar continued its downward path on Friday, with gains in the greenback and poor Chinese manufacturing data pushing it lower to 73.91 US cents at 1630 AEST, down from 74.07 US cents on Thursday.
ON THE ASX AT THE CLOSE:
* The benchmark S&P/ASX200 was up 50 points, or 0.87 per cent, at 5,788.1 points.
* The broader All Ordinaries index was up 48.6 points, or 0.84 per cent, at 5,821.1 points.
* The June SPI200 futures contract was up 34 points, or 0.59 per cent, at 5,787 points.
* National turnover was 2.1 billion securities traded worth $6.3 billion.
CURRENCY SNAPSHOT AT 1700 AEST:
One Australian dollar buys:
* 73.9 US cents, from 74.07 on Thursday
* 82.47 Japanese yen, from 82.19 yen
* 65.88 euro cents, from 66.87 cents
* 57.46 British pence, from 57.59 pence
* 104.44 New Zealand cents, from 104.69 NZ cents
GOLD:
The spot price of gold in Sydney at 1700 AEST was $US1,260.60 per fine ounce, down from $US1,268.33 on Thursday.
BOND SNAPSHOT AT 1630 AEST:
* CGS 4.50 per cent April 2020, 1.6594pct, from 1.6421pct
* CGS 4.75pct April 2027, 2.4135pct, from 2.396pct
Sydney Futures Exchange prices:
* June 2017 10-year bond futures contract at 97.56 (implying a yield of 2.44pct), from 97.575 (implying a yield of 2.425pct) on Thursday
* June 2017 3-year bond futures contract at 98.29 (1.71pct), from 98.320 (1.680pct).
(*Currency closes taken at 1700 AEST previous local session, bond market closes taken at 1630 AEST previous local session)
