By Chris Zappone
The Australian share market has closed higher for the fourth day, after reversing an early fall - despite a night of heavy falls on overseas markets.
At the close, the benchmark S&P/ASX200 index was up 14.5 points, or 0.4%, at 3540.7, while the broader All Ordinaries index was up 0.5%, or 16.9 points, at 3478.2.
A late surge from Rio Tinto helped the market end the day higher.
For the week, the ASX200 was up 5.9%, halving the year-to-date losses. The All Ordinaries was up 5.4% for the week.
The Australian dollar extended its slide, recently buying 64.44 US cents. It was also buying 57.53 yen and 50.00 euro cents.
In Asian markets, the Nikkei 225 closed down 3.1%, while the Hang Seng was down 0.5%.
"We were weak at the knees at the open following a very disappointing session on Wall Street overnight,'' Mr Taylor said.
Mr Taylor said that with base metal prices down overnight the market did not get off to a good start.
"All in all a pretty weak session largely saved by some interest in a few defensive plays and good performances from our gold producers.''
BHP Billiton lost 15 cents, or 0.5%, to $30.50, while Rio ended the day $1.44, or 3.5%, higher at $42.15.
Fortescue Metals, which announced this afternoon that it had booked a $1.1 billion net profit in its first half year of mining, was up 4 cents, or 2.3%, at $1.77.
Gold climbed $US2.37 to $US904.18 an ounce in Sydney recently.
Lihir Gold was up 17 cents, or 5.7%, at $3.13 and Newcrest was up 60 cents, or 2%, at $31.00.
Newmont was up 40 cents, or 6.9%, at $6.19 and Sino Gold gained 27 cents, or 5.8%, to $4.96.
The big banks were mixed. The Commonwealth Bank was unchanged at $26.90, while NAB closed at $18.93, a rise of 25 cents, or 1.3%.
Westpac was down 6 cents, or 0.4%, at $15.64 and ANZ was unchanged at $12.64.
Macquarie Group shares fell 98 cents, or 3.6%, to $25.99.
Energy stocks rebounded after a weak start this morning. Woodside Petroleum was up 79 cents, or 2.3%, at $35.38 and Santos was up 22 cents, or 1.5%, at $14.37.
Oil Search added 4 cents, or 1%, to $4.34.
Explosives, chemicals and paint maker Orica still expects to meet its guidance for a higher annual profit this financial year despite cutbacks in the mining industry due to the global economic slowdown. Orica shares gained 44 cents, or 3.4%, to $13.54.
The retailers were mixed. Woolworths gained 50 cents, or 1.8%, to $27.70 and Wesfarmers shares fell 27 cents, or 1.7%, to $15.55.
Harvey Norman, which this morning reported first-half sales rose 3.5% over the corresponding period last year, was unchanged at $2.13. David Jones was down 4 cents at $2.32.
Among media stocks, Fairfax was up 3.5 cents to $1.405, Consolidated Media was up 7 cents to $1.93, while News Corp fell 23 cents to $12.01 and its non-voting scrip dropped 31 cents to $10.79.
Qantas rose 3 cents to $2.45, while Virgin Blue gained up 1 cent to 31 cents.
Preliminary market turnover was 1.28 billion shares worth $4.58 billion, with 407 stocks up, 488 down and 301 unchanged.
On the Sydney Futures Exchange, the March share price index contract was 11 points lower at 3505 on a volume of 27,016 contracts.
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