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Market report: Friday, November 27

The Australian share market has opened higher, following positive leads from European bourses overnight with Wall Street closed for the Thanksgiving holiday.

Nov 27, 2015, updated Nov 27, 2015

It’s the third consecutive positive open, and again has been boosted by the banks and resources sectors.

“Given yesterday’s market, we appear to be firing on all cylinders this morning at this early stage,” CMC Markets, chief market analyst Ric Spooner said.

“I think it’s, basically, a case of some improvement in metals prices meeting ongoing support for banks, energy stocks and resources.”

After dipping below the $19 mark on Thursday, BHP Billiton had a strong start to trading, up 19 cents to $19.13 at 1019 AEDT.

Rival Rio Tinto fared even better, up 50 cents at $46.99.

Three of the four big banks were up around half a per cent, while National Australia Bank was up closer to one per cent, lifting 27 cents to $29.96.

But, after losing half of its value in a horror day of trade on Thursday, there was no relief for law firm Slater and Gordon. It was down 7.5 cents, or 7.98 per cent, at 86.5 cents on Friday.

Investors have reacted negatively to UK government proposals that would change the rights of people injured in road accidents in Britain.

However, accessories retailer Oroton was up 10 cents, or 3.85 per cent to $2.70 after news of positive like-for-like sales over the past 17 weeks.

Meanwhile, Transurban returns to trade, after a trading halt while the toll road operator completed the institutional component of the $1.025 billion equity raising to part-fund its purchase of Brisbane’s AirportLinkM7 tunnel.

Transurban shares were up 28.8 cents to $10.57.

KEY FACTS

* At 1019 AEDT on Friday, the benchmark S&P/ASX200 index was up 38.1 points, or 0.73 per cent, at 5,248.8.

* The broader All Ordinaries index was up 37.5 points, or 0.71 per cent, at 5,297.2.

* The December share price index futures contract was up 30 points at 5,256, with 4,405 contracts traded.

* At 1037 AEDT, national turnover was 427 million securities traded worth $1.7 billion

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