Share market ends week higher despite US interest rate worries

Friday, 20 May 2016 15:52:13 | Liz Hobday

A city office-worker watches the share prices at the ASX in Sydney on August 5, 2011. (AAP: Tracey Nearmy)

The Australian share market has ended the week slightly higher, despite worries about a US rate hike as early as next month affecting global markets.

The All Ordinaries Index lifted 29 points, to reach 5,415, while the benchmark ASX200 closed at 5,351.

Among the best performers was Flight Centre, lifting $2.04 to $36.84.

Its competitor Webjet put out a statement saying its market share was growing, lifting shares 61 cents to $6.48.

But the risk management firm SAI Global dropped back 23 cents to $3.50 after downgrading its earnings outlook.

In energy and resources, the oil and gas firm Oil Search has launched a $3 billion bid for the Papua New Guinea-focused firm InterOil.

Oil Search shares dropped back 8 cents to $6.83.

Meanwhile, the mining company Iluka gained 33 cents to $6.13.

There was little in the way of economic news today — all eyes were on the Treasury's pre-election economic and fiscal outlook this afternoon, but that was a bit of a fizzer.

The Treasury said the financial outlook has not materially changed since the budget two weeks ago.

In commodities, gold is higher at $US1,254 an ounce and iron ore is flat at US$55.70 a tonne.

West Texas crude oil is climbing at $US48.11 a barrel. The Australian dollar is higher at 72.4 US cents.

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