AAP

Australian shares have surged across the board on positive local news and an upbeat lead from Wall Street.

Oil prices fell overnight to their lowest level since December 2018 on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.

The price of gold rose to its highest level in a week on Monday as the death toll from the coronavirus outbreak climbed and investors sought safe haven from the economic impact.

The Australian share market has closed lower after global concerns about the coronavirus outbreak caused falls in most sectors.

Boral boss Mike Kane has announced he is standing down after the company confirmed staff at its North American windows business had inflated earnings figures over a 20-month period.

JB Hi-Fi's Christmas has proven music to investors' ears, with strong summer sales and online growth helping the electronics retailer shake sector-wide softness and post a record first-half profit.

Australian shares were below the 7,000 points level at noon as continuing global concerns about the coronavirus outbreak caused falls in most sectors.

Oil prices fell 1 per cent on Friday as Russia said it needed more time before committing to output cuts sought by other large producers while the coronavirus outbreak fanned worries about global crude demand.

Gold prices have risen as fears of an economic slowdown from the coronavirus outbreak and lower interest rates globally offset strong US economic data.

The Australian share market has snapped its three-day winning streak, with broad losses across most sectors despite Wall Street setting new record highs overnight.

Airbnb says 4.5 million people booked rooms on its online lodging platform in regional Australia last year, with 260,000 guests visiting regional Western Australia, confirming the widespread uptake of its accommodation services.

The Yamatji Indigenous community has celebrated a landmark economic package and native title recognition for more than 100,000 hectares of land in Western Australia's Mid West.

Rare earths miner Lynas Corporation has threatened defamation action against opponents aiming to prevent it from operating in Malaysia following attacks in the local media.

The Reserve Bank has kept its word and left its growth forecast unchanged through to the end of the year, while continuing to insist the GDP hit from bushfires, drought and coronavirus outbreak will be short-lived.

Heavyweight mining and energy stocks have dragged the Australian share market down at noon after three straight days of gains.

Oil futures gave up early gains overnight as OPEC and its partner Russia gave mixed signals about possible further output cuts to mitigate the impact of the coronavirus outbreak that has amplified concerns about weak global oil demand.

Gold rose overnight as expectations of central banks keeping interest rates low and uncertainties around the economic impact of the coronavirus epidemic fueled appetite for the safe-haven metal.

The local bourse has enjoyed its best single day in nearly a month, climbing back over 7,000 following a strong lead from Wall Street.

National retail spending fell by a worse-than-expected 0.5 per cent in a fire-affected December, however, retail giant Coles recorded a surprisingly strong Christmas period.

Indian miner Adani has been fined $20,000 for giving the Queensland government false or misleading information about land clearing.

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.