AAP

Nationals MPs Keith Pitt and Darren Chester have been elevated to federal cabinet in a ministerial reshuffle.

Property group Mirvac has lifted its interim dividend following a 21 per cent gain in first-half operating profit to $352 million, though the firm's net result slipped. 

The big banks and oil-boosted energy stocks have powered the Australian stock market higher in a solid morning's trade.

Oil prices have jumped about two per cent on media reports that scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found.

Gold rose on Wednesday on bargain hunting, reversing course from a two-week low touched earlier, as investors latched on to the metal's overall uptrend on the back of a low interest rate environment globally and lingering uncertainties.

Australian stocks have finished higher for a second day but could not sustain a move above 7,000 as the death toll from the coronavirus outbreak in China neared 500.

Shares in CIMIC Group are up 8 per cent, a day after the international contractor named a new chief executive and announced a $1 billion full-year loss related to its decision to exit the Middle East.

Mining services provider Perenti Global says it is considering buying Downer EDI's mining servicing business, but dismissed a report of a $700 million offer.

Investor services group Computershare will buy registered agent provider Corporate Creations for $142.9 million in a move to improve its reach in the US.

Australian stocks are higher on renewed confidence about how China is handling the coronavirus crisis.

Oil prices edged lower overnight as fears that energy demand would take a long-term hit from the coronavirus outbreak offset prospects for more cuts in crude production from OPEC and its allies.

Gold slid more than 1 per cent overnight as Chinese steps to mitigate the economic impact from the coronavirus epidemic drove some investors away from safe havens and back into riskier assets.

Australian shares have closed higher as China took steps to prop up its economy and global manufacturing data showed factory activity rebounding in January.

The Reserve Bank of Australia has held the cash rate at a record low 0.75 per cent, as widely expected by economists.

Gage Roads Brewing Company shares have lost a bit of fizz with the WA company's stock plunging to a more than two-year low after it flagged a shortfall in sales was likely contribute to a full-year guidance miss.

Deputy Prime Minister Michael McCormack has repelled a leadership challenge from Barnaby Joyce, emerging victorious in a party room ballot this morning, while Adam Bandt has been elected unopposed as Greens leader following the resignation of Richard Di Natale.

Australian shares have recovered from morning jitters as investors wait for news on the deadly coronavirus and a rates decision by the Reserve Bank of Australia.

Oil prices fell to the lowest in more than a year overnight as the coronavirus outbreak curtailed Chinese demand and sparked potential supply cuts by OPEC and its allies.

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.