SYDNEY, AAP – Energy shares were the ones investors wanted on a higher Australian share market after OPEC talks broke down overnight.
They were higher by 1.75 per cent after the UAE objected to a preliminary deal which would have increased supply.
Oil prices rose roughly 2 per cent on expectations that OPEC producers may increase output more slowly than expected in coming months.
Santos and Woodside gained more than two per cent.
The benchmark S&P/ASX200 index was up by 18.1 points, or 0.24 per cent, to 7283.7 at 1200 AEST.
The All Ordinaries was higher by 17.9 points, or 0.23 per cent, to 7559.4.
After energy shares, the next biggest gain was in consumer discretionaries.
Investors helped the category higher by 0.8 per cent after selling them lower on Thursday by 1.3 per cent.
The ASX momentum on Friday was set in train after the US S&P 500 reached its sixth consecutive all-time closing high.
The bellwether index is enjoying its longest winning streak since early February.
All three major US indices ended the session higher but a decline in tech shares – led by microchips – tempered the Nasdaq’s gain.
An ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears were common themes in economic data.
In Australia, the government will reduce international arrivals by 50 per cent due to the risk of the Delta variant of COVID-19.
The Delta strain is responsible for about half of Australia’s population being in lockdown.
On the ASX, investors continued buying back in to embattled data analytics provider Nuix.
The company, which only joined the ASX last year, on Wednesday said ASIC was investigating its former chief financial officer. Stocks dived almost 13 per cent.
However shares gained 5.43 per cent on Thursday and on Friday were higher by 5.57 per cent to $2.46.
A group of companies including a gym operator are taking QBE Insurance to court for being denied cover during the pandemic.
The group claim their losses should be covered by business interruption circumstances.
QBE says it will defend the action.
Shares were even at $10.72.
Materials shares were lower (0.26 per cent) and so were most of the big miners.
Rio Tinto dropped 0.76 per cent to $125.02.
South32 had a greater loss of 1.35 per cent to $2.91.
In banking, the big four were all up by less than one per cent.
Bendigo Bank had better gains of 1.31 per cent to $10.43.
The Australian dollar was buying 74.60 US cents at 1200 AEST, lower from 74.82 US cents at Thursday’s close.