The Australian share market closed higher on Friday as takeover activity among coal stocks boosted the energy sector.
At the 1615 AEST close, the benchmark S&P/ASX200 index had risen 10.2 points, or 0.21 per cent, to 4,948.1 points, while the broader All Ordinaries index had gained 12.6 points, or 0.25 per cent, to 4,972.9 points.
On the Sydney Futures Exchange, the June share price index futures contract was 25 points higher at 4,967, on volume of 14,467 contracts, according to preliminary calculations.
IG Markets research analyst Ben Potter said the market on Friday had been a tug of war between higher energy stocks and investors taking profits.
"It's been pretty quiet really, a tight range all day," Mr Potter said.
"Most of the week has been about energy stocks and today's no different. They're the leaders today on the back of this takeover bid for Macarthur which is boosting the coal sector.
"Alcoa starts the US earnings season next Monday, so I think we'll start getting a lot of leads from there."
In the resources sector, global miner BHP Billiton gained 15 cents to $43.90.
Rio Tinto fell 53 cents to $79.47, after saying it is negotiating with its customers to supply iron ore priced on quarterly contracts.
Macarthur Coal jumped $1.19, or 8.29 per cent, to $15.55 after New Hope Corporation trumped a $3.5 billion takeover offer for Macarthur from US-based Peabody Energy, with a $3.71 billion bid. New Hope was off one cent at $5.30.
Gindalbie Metals was 1.5 cents higher at $1.335 after it progressed a US$1.2 billion (A$1.29 billion) loan facility for its flagship project and moved closer to becoming an iron ore producer.
Oil and gas producer Woodside Petroleum was 26 cents stronger at $47.38, and Santos was up 20 cents at $14.88.
Among the major banks, National Australia Bank lost one cent to $27.60, Westpac retreated six cents to $27.72, ANZ eased three cents to $25.15 and Commonwealth Bank climbed 21 cents to $58.14.
On Wall Street overnight, the Dow Jones Industrial Average index rose 29.55 points, or 0.3 per cent, to 10,927.07 points.
Among gold stocks, Newcrest was 13 cents higher at $35.63 after its board decided to spend nearly $2 billion building Australia's largest underground mine at the Cadia East gold and copper deposit in central western New South Wales.
Lihir advanced three cents to $3.99 and was the top-traded stock by volume, with 121.89 million shares worth $485.54 million changing hands.
The price of gold in Sydney at 1623 AEST was US$1154.30 per fine ounce, up US$6.55 on Thursday's close of US$1147.75.
Telco Telstra was two cents higher at $3.09 and Optus-owner Singapore Telecommunications firmed two cents to $2.46.
Retailer Woolworths was 26 cents lower at $28.52 and Wesfarmers, which owns Coles, backtracked five cents to $31.90.
Among media stocks, News Corp climbed 30 cents to $18.85 and its non-voting stock lifted 29 cents to $15.99.
Consolidated Media was four cents richer at $3.11 and Fairfax rose two cents to $1.79.
Among other stocks, blood products and vaccines developer CSL lost eight cents to $36.00 as it said it was well positioned for expected international growth in demand for plasma-derived therapies.
Preliminary national turnover was 2.47 billion shares worth $4.74 billion, with 670 stocks up, 459 down and 363 unchanged.
- AAP
Australian stocks: Energy gives boost
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