Australian share market closed moderately higher, building on Thursday's positive performance, ahead of the release of revised US June quarter growth figures later tonight.

The benchmark S&P/ASX200 index was 14.1 points, or 0.32 per cent, higher at 4,370.1 points, while the broader All Ordinaries index rose 14.7 points, or 0.33 per cent, to 4,404.1 points. On the Sydney Futures Exchange, the September share price index futures contract was nine points higher at 4,350 on volume of 24,712 contracts.

Among financial stocks, Suncorp added nine cents to $8.35, while the big four banks were mixed. Westpac gained 20 cents to $21.75, but ANZ Banking Group fell three cents to $22.44. National Australia Bank added four cents to $23.05 and Commonwealth Bank firmed 23 cents to $49.21.

Woolworths jumped 31 cents, or 1.13 per cent, to $27.85, thanks to its on market share buy back announced on Thursday. Fairfax Media return to profitability pushed its shares up six cents, or 4.41 per cent to $1.42.

Fairfax reported a net profit of $282.12 million in the year to June 30, 2010 compared with a loss of $380.05 million in the prior year. Sims Metal rose 82 cents, or 5.28 per cent, to $16.36 after reporting recovered to a full year profit.

The energy sector was dragged lower as Woodside Petroleum started trading without a dividend. Woodside's shares lost 36 cents to $42.10, while Santos added 23 cents, or 1.63 per cent, to $14.30 and Oil Search firmed three cents to $5.73. The spot price of gold in Sydney traded at $1,236.50 per fine ounce, down $4.03 on Thursday's closing price of $1,240.53.

News Corporation fell seven cents to $15.54 and its non-voting scrip lost seven cents to $13.74. Toll road operator and takeover target Intoll Group was the top traded stock by volume, with 125.2 million shares traded for $184.9 million.

Intoll's shares gained two cents to $1.475. Preliminary national turnover reached 1.90 billion shares, worth $6.71 billion, with 560 stocks trading up, 457 down, and 374 unchanged.