AAP

Gold fell 1 per cent overnight as the dollar firmed and investors opted for riskier assets after China took steps to relieve pressure on its economy from the impact of the coronavirus outbreak.

The local share market has nosedived amid fear that the deadly coronavirus epidemic will cause a prolonged shutdown of Australia's biggest trading partner.

Andrew Wood has retired as chief executive of engineering giant Worley and been replaced by the company’s chief operating officer, Chris Ashton, in a move that has surprised the markets.

Building approvals in Western Australia rose by 3.6 per cent to 982 in December, while total housing approvals across Australia dipped 0.2 per cent.

Minister for Resources and Northern Australia Matt Canavan has quit cabinet today and thrown his support behind former deputy prime minister Barnaby Joyce, who has announced plans to seek leadership of the National Party tomorrow. It follows the resignation of deputy Nationals leader Bridget McKenzie yesterday and Greens leader Richard Di Natale today.

Oil Search shares have dropped more than 10 per cent in value after negotiations on developing a new gas field in Papua New Guinea fell apart over the weekend.

Australian shares have nosedived amid ongoing fear and uncertainty of the potential economic fallout of the deadly coronavirus epidemic.

Oil prices fell on Friday and were on track for a fourth straight weekly loss on mounting worries about economic damage from the coronavirus that has spread from China to around 20 countries, killing more than 200 people.

Gold prices rose on Friday and were heading for their best month in five as worries over economic growth due to the fast-spreading coronavirus boosted appetite for safe havens.

The local bourse has closed marginally higher - experiencing its first losing week this year - but still had its best month since last February.

Commonwealth Bank of Australia will make an $83 million provision for insurance claims from the recent bushfires across the country.

Funds manager Perpetual plans to buy US responsible investments firm Trillium Asset Management to take advantage of growing demand for sustainable investment.

Australian stocks seem set to end the week on a positive note despite continued international concern about the deadly coronavirus epidemic and its impact on the global economy.

Oil prices fell 3 per cent on Thursday to the lowest in three months on concerns over the potential economic impact of the coronavirus that continues to spread worldwide, while the market also considered the possibility of an early OPEC meeting.

Gold prices rose overnight as concerns of a slowdown in global growth due to a virus outbreak in China weakened risk appetite among investors.

Australian stocks have closed lower as gains by financial and consumer staples sectors failed to offset losses among resources and health care shares.

Gold Road Resources shares rose by more than 11 per cent today after the company announced higher than expected cash generation from its Gruyere gold mine in Western Australia.

Insurance giant Suncorp Group expects the cost of three natural hazards in its second half to be capped at $300 million.

Nearmap shares sunk nearly 30 per cent after the aerial mapping company issued an earnings warning, saying it had lost two major clients in North America as mapping for the driverless car industry stalled.

Australian stocks remained in the doldrums at noon as gains in big banks and consumer staples failed to offset losses among resources and healthcare shares.

Oil prices were mixed overnight as worries about the coronavirus outbreak and swelling US crude inventories weighed on prices, counter-balanced by talk that OPEC could extend oil output cuts.

Gold gained overnight as worries over economic growth due to the fast-spreading coronavirus buoyed safe haven demand, with investors awaiting the US federal Reserve's monetary policy decision.

Australian shares have rebounded as global markets recovered from a sell-off sparked by concerns over the deadly coronavirus outbreak.

Annual inflation has inched higher to 1.8 per cent for the December quarter - and at least one analyst expects the Reserve Bank will delay a rate cut.

Australian shares have rebounded after global markets recovered from a sell-off amid concerns about the deadly coronavirus epidemic.

Oil futures edged up overnight after falling for five days, gaining support from a rebound in Wall Street stocks and talk that OPEC and its allies might tighten the market amid fears the coronavirus could weigh on oil demand.

Gold fell overnight as equity markets rebounded following positive US economic data while the dollar scaled a near two-month peak ahead of the US Federal Reserve's policy meeting.

Australian shares have had their worst day of 2020 amid fears that the spread of the deadly coronavirus will infect global economic growth.

A ban on using mobile phones during school hours will start for all public school students in Western Australia and Victoria.

Australian shares remain down at noon amid fears the spread of the deadly coronavirus will infect global economic growth.

US stocks have suffered their worst day in over three months as China extended the Lunar New Year holiday due to a virus outbreak, fuelling worries about the economic impact of containment efforts in the world's second largest economy.

Crude prices dropped 2 per cent to three-month lows overnight as the death toll from China's coronavirus grew, clamping down on travel and fueling expectations of slowing oil demand.