The Australian share market has rallied and is on track for its best day in three weeks, thanks in part to strong gains by goldminers.
At midday on Friday, the benchmark S&P/ASX200 index was up 102.4 points, or 1.17 per cent, to 8,826.9, while the broader All Ordinaries had gained 99 points, or 1.11 per cent, to 9,029.9.
The ASX200 was on pace for its best day since a 1.25 per cent rise on June 15, and to finish the week up 0.7 per cent.
Overnight, a weaker-than-expected US jobs report for June was seen as reducing the odds that the Federal Reserve would hike interest rates at its July 29 meeting.
That sent gold climbing back above $US4,200 an ounce for the first time in 11 days, although by midday it had sunk just under that level at $US4,191.
Local goldminers were posting some of the best gains, with Northern Star up 10 per cent, Evolution advancing 8.5 per cent and Westgold rising 6.1 per cent.
Meanwhile, goldminers Catalyst Metals, Genesis Minerals and Vault Minerals all released production updates on Friday, resulting in gains of 17.4, 13.7 and 7.7 per cent, respectively.
Elsewhere in the mining sector, BHP gained 1.6 per cent and Rio Tinto added 0.4 per cent, while Fortescue lost 2.0 per cent.
In the financial sector, insurance companies were lower on the prospect that US interest rates might not rise as quickly as previously anticipated, reducing the profitability of their short-term investments on funds set aside to pay claims.
Amongst the insurers, Suncorp dropped 3.1 per cent, IAG fell 0.9 per cent and QBE was down 0.8 per cent.
The big banks were mostly higher, with ANZ up 1.2 per cent, CBA rising 1.8 per cent and Westpac growing 0.6 per cent. NAB was the outlier, flat at $38.42.
In the real estate sector, Pexagroup plunged 18.9 per cent to an all-time low of $8.80 after a NSW regulator recommended a cap on digital conveyancing fees that PEXA said would cost it $70 million in revenue.
The Australian dollar was trading for 69.37 US cents, from 68.94 US cents at 5pm on Thursday.
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