Australian shares are higher, buoyed by gains in the financial and energy stocks and a spillover of positive sentiment from Wall Street.

December 1, 2017

The Australian share market has pushed higher, thanks to strong gains in the financial and energy sectors.

The benchmark S&P/ASX200 index was up 29.5 points, or 0.5 per cent, at 5,999.4 points at 1200 AEDT on Friday.

The financial stocks have rebounded from the losses suffered on Thursday after Prime Minster Malcolm Turnbull announced a royal commission into misconduct in the sector.

ANZ led the gains, up 1.1 per cent at $28.77, while Commonwealth Bank had risen 0.34 per cent to $79.70, while Westpac climbed 0.76 per cent and National Australia Bank found 0.54 per cent.

Energy stocks were also up after OPEC said it would extend oil production cuts to the end of 2018.

Oil Search rose 2.35 per cent, Woodside Petroleum found 1.84 per cent and Santos improved 0.98 per cent.

Drug makers with US operations pushed the sector 1.16 per cent higher with CSL and Ansell both trading more up than one per cent.

But Telstra shares have fallen, by 0.44 per cent to $3.415, after the telco cut its FY18 earnings and revenue guidance following NBN Co’s announcement on Thursday said it would temporarily suspend the rollout of the national broadband network.

News Billabong had received a merger proposal from Quiksilver and Roxy owner Boardriders helped its shares lift 20.5 per cent to 94 cents.

And vacuum cleaner retailer Godfreys Group was 17.2 per cent lower at 41 cents after it cuts its earnings guidance for FY18 and announced new chairman and CEO appointments.

Meanwhile, the Australian dollar has continued to slide against the US dollar.

The local currency was trading at 75.66 US cents at 1200 AEDT on Friday, from 75.90 on Thursday.

ON THE ASX:

* At 1200 AEDT, the benchmark S&P/ASX200 was up 29.5 points, or 0.49 per cent, at 5,999.4 points.

* The broader All Ordinaries index was up 26.8 points, or 0.44 per cent, at 6,084.0 points.

* The SPI200 futures contract was up 22 points or 0.37 per cent at 6,008 points.

* National turnover was 1.96 billion securities traded worth $1.7 billion.