THE Australian share market closed slightly higher today, lifted by most of the big banks which were boosted by an upgraded profit forecast from the Commonwealth Bank late on Friday.
At 4:15pm (AEDT), the benchmark S&P/ASX200 index had risen 11.5 points, or 0.23 per cent, to 4,911.1 points, while the broader All Ordinaries index had gained 6.6 points, or 0.13 per cent, to 4,936.1 points.
On the Sydney Futures Exchange, the March share price index futures contract was 15 points higher at 4,886 on volume of 21,187 contracts, according to preliminary calculations.
CMC Markets market analyst David Taylor said the local market rose despite lower commodity prices and concerns over the consumer loan books of US investment bank JPMorgan.
"The only thing that gave us some light today was the Commonwealth Bank's report (profit guidance) on Friday night,'' Mr Taylor said.
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"All other indicators pointed to a fairly negative share market environment.''
Among the major banks, Commonwealth Bank had eased five cents to $58.05 at the close, after trading positively for much of the session and peaking at $58.65.
ANZ added 74 cents to $23.17 following a report over the weekend that ANZ may make a bid for investment and superannuation manager IOOF Holdings.
Westpac strengthened 51 cents to $26.01, and National Australia Bank found 20 cents at $27.50.
IOOF jumped 43 cents, or 7.14 per cent, to $6.45.
In the resources sector, global miner BHP Billiton fell 21 cents to $43.44, while Rio Tinto lost 30 cents to $78.32.
Oil and gas producer Woodside Petroleum dipped 41 cents to $47.24, and Santos picked up 12 cents at $13.88.
On Wall Street on Friday, the Dow Jones Industrial Average index fell 100.90 points, or 0.9 per cent, to 10,609.65 points.
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