The Australian share market ended the week higher, with support for telecommunications stocks as one of the main features of trading on Friday.
At the close of trade, the benchmark S&P/ASX200 stock index was up 16.7 points, or 0.28 percent at 5,994.4, while the broader All Ordinaries index was higher 16.6 points, or 0.27 percent at 6,077.4.
CMC Markets chief market analyst Ric Spooner told Xinhua the day’s performance, marked by support seen for the telcom sector particularly Telstra, which ended 1.23 percent higher, showed how “bargain hunting” has been a feature of the market this year, with investors returning to look for relative value.
“The telcoms seem to be having their day in the sun as far as that’s concerned,” he said.
But gold stocks were also weaker, on the back of significant selloff in gold overnight, as well as some selling in the real estate and utilities sectors, he added.
The big banks made gains, with ANZ ending 0.11 percent higher, the Commonwealth Bank of Australia rising 0.94 percent, the National Australia Bank lifting 0.66 percent and Westpac up 0.77 percent.
Mining giant BHP Billiton edged up 0.15 percent, while rival Rio Tinto was down 0.63 percent and gold miner Newcrest shed 1.3 percent.
Oil Search gained 1.11 percent and Woodside Petroleum was 0.24 percent higher.
Wesfarmers lost 0.32 percent while rival Woolworths edged up 0.19 percent. National carrier Qantas added 0.28 percent.