SYDNEY, AAP – Energy shares have been proving most popular on the ASX despite lower oil prices, leaving analysts confused.
Energy shares were up 1.73 per cent on an Australian market that had been as high as about one per cent earlier on Friday.
Whitehaven Coal rose almost nine per cent to a session high of $1.37.
CommSec analyst James Tao said this was probably due to a broker upgrade.
Santos was up 1.68 per cent to $6.94 and Oil Search gained 1.61 per cent to $3.77.
Yet analysts had little explanation for the gains across energy shares.
Oil prices were lower as coronavirus infections remain high in major consumer India.
A major fuel pipeline in the United States reopened after being shut due to a cyber attack, with the improved supply helping prices ease.
Meanwhile a good US lead helped the benchmark S&P/ASX200 index be higher by 54.5 points, or 0.78 per cent, to 7037.2 at 1200 AEST.
The All Ordinaries was up 55 points, or 0.76 per cent, to 7264 points.
There were gains of more than one per cent for property, utilities, financials, industrials and consumer shares.
Wall Street bounced back from three consecutive days of selling after upbeat employment data.
Applications for unemployment insurance hit a 14-month low.
On the ASX, the Commonwealth Bank, which this week gave a third-quarter update which pleased investors, hit a record share price of $97.38.
Shares had since eased to be higher by 0.78 per cent to $96.73.
Its peers in the big four all had gains of a little more than one per cent.
Financial services provider Moelis said it had received fund inflows of $340 million in the first four months of its financial year.
This was better than the $115 million received in the same period last year.
Shares were up 3.44 per cent to $5.55.
In mining, iron ore prices dropped but remained higher than $US200 per tonne.
Iron ore specialist Fortescue gained 0.93 per cent to $23.66.
BHP climbed 0.17 per cent to $50.44 and Rio Tinto was little changed at $128.02.
Gold miner Resolute made interim boss Stuart Gale, who joined as chief financial officer last year, its permanent leader.
Shares were down 0.85 per cent to 58 cents.
In health, market giant CSL slipped 0.36 per cent to $276.64.
The Australian dollar was buying 77.25 US cents at 1200 AEST, higher from 77.22 US cents at Thursday’s close.