Shares on the Australian market are higher are noon after slipped below one per cent since the open.
The S&P/ASX200 benchmark index is higher by 41.1 points, or 0.77 per cent, to 5369.8 points at 1200 AEST on Friday.
The All Ordinaries index was 40.6 points, or 0.75 per cent higher, at 5458.6.
The materials sector was the best performing one with a 2.56 per cent gain.
Steel manufacturer BlueScope reported a cyberattack that affected some of its operations, including manufacturing and sales systems in Australia.
Investors appeared unfazed, with BlueScope shares up more than 2 per cent to $10.03.
Australian Mines’ price climbed by more than 12 per cent to $0.009 after it identified 14 new nickel and cobalt targets in north Queensland.
BHP was enjoying better gains than its main rivals. The company calling itself the big Australian was up more than 3 per cent to $31.63.
Fortescue and Rio each had gains of more than 2 per cent to $12.34 and $84.97 respectively.
Gold miners were also getting a boost. Evolution was the best of the big names and enjoyed a rise of more than 4 per cent to $5.69.
Energy stocks were the next best category – higher by 1.91 per cent. Oil and gas producer Far Ltd gained more than 7 per cent to $0.015 following a high volume of trades. Oil Search was best of the big names was higher by more than 4 per cent to $2.87.
The big four banks were all trading higher, too. Online retailer Kogan gained more than 4 per cent to $8.96 after it bought furniture group Matt Blatt. Kogan will close the stores of the acquired business and make it an online-only operation. Jeweller Michael Hill said it would join the throng of retailers re-opening after coronavirus-related closures. It will re-open nearly 100 stores across Australia and New Zealand from Saturday. The remainder will open over the coming month. But that didn’t appear to help the share price which fell more than 5 per cent to 34 cents. Meanwhile, Virgin Australia’s administrators at Deloitte will have a better sense of which parties are interested in buying the beleaguered airline when non-binding indicative offers are made by close of business on Friday. Nineteen parties interested in buying the airline, which entered voluntary administration last month, were granted access to a data room after signing confidentiality agreements. In the US overnight, Wall Street surged as investors weighed the prospect of economic recovery against bellicose remarks from President Donald Trump regarding US-China trade. Mr Trump has blamed China for the COVID-19 outbreak and revived trade war fears, even as mandated lockdowns continue to damage the US economy. The damage was in evidence in a report from the US Labor Department, which showed just under three million new jobless claims were made last week, pushing the seven-week tally well over 36 million. A White House spokeswoman said Mr Trump was open to another possible stimulus bill, but would not sign the bill put forward by House of Representatives Democrats. The Australian dollar was buying 64.66 US cents at 1200 AEST, up from 64.37 US cents at the close of trade on Thursday.