Australia shares inch higher, luke-warm on Obama jobs plan

SYDNEY: Australian shares rose 0.16 percent on Friday, having largely erased early gains as investors took only mild encouragement from President Barack Obama's $447 billion jobs package.

Gains in some index heavyweights, including Australia's big four banks and Telstra, helped tip the market into positive territory, with many investors sidelined.

Australia's benchmark S&P/ASX 200 index had gained by as much as 1.0 percent before ending the day just 6.7 points ahead at 4,194.7, according to the latest data.

New Zealand's benchmark NZX 50 index rose 0.48 percent to 3,323.93.