AAP

South Korean steel giant POSCO has signed a long-term offtake agreement with ASX-listed lithium miner Pilbara Minerals and agreed to invest in its upcoming project in Western Australia.

Furniture and electronics retailer Harvey Norman's half-year net profit has slumped with franchisees' earnings falling amid a souring of the group's dairy investments.

Virgin Australia has confirmed it will remain an ASX-listed company for now as the airline delivered its best half-year financial results in a decade.

The Australian share market has slipped in early trade, taking the cue from a sell-off on Wall Street, as the Federal Reserve chair's hawkish comments revived worries about US interest rate hikes.

The Australian dollar is nearly half a per cent lower against its US counterpart after new Federal Reserve chair Jerome Powell's congressional testimony sends the greenback higher.

Gold prices have fallen more than one per cent after the new US central bank chairman pledged to stick with gradual interest rate increases.

Oil has seen its first decline in five days, pressured by a firmer US dollar and expectations that upcoming weekly data will show an increase in US crude inventories.

The share marker is higher for a fifth straight session as positive offshore leads contributed to gains for miners and banks.

Mineral sands miner Iluka has lifted full-year revenue almost 40 per cent due to surging sales and higher prices for its products, but impairments have weighed on the bottom line.

Australian shares are off to a bright start in early trade, buoyed by strong trade on Wall Street and possibly heading for a fifth straight day of gains.

The Australian dollar is lower against its US counterpart which has been unable to sustain a rise in the US session.

Oil prices have risen, hitting three-week highs, supported by strong US demand and comments from Saudi Arabia that it would continue to curb production in line with OPEC-led efforts.

Gold prices have risen as a softer US dollar helped the metal rebound from its biggest weekly loss this year, but moves were muted before the debut congressional testimony by US Federal Reserve chair Jerome Powell later this week.

Australian shares have ended higher, with the benchmark index closing above 6,000 points for the first time since February 5, supported by solid company results and rising bank stocks.

Vocus chief executive Geoff Horth has left the company by mutual agreement with the board, a week after the telco posted a sharp fall in profit and cut its outlook.

The Australian share market has moved back above 6,000 points in morning trade, thanks to strong gains on Wall Street and a rise in global oil prices.

The Australian dollar is higher against its US counterpart despite the US dollar lifting amid expectations of a more aggressive US Federal Reserve.

Oil prices have risen to their highest in more than two weeks, supported by the shutdown of the El Feel oilfield in Libya and upbeat comments from Saudi Arabia that an OPEC-led effort to cut stockpiles is working.

Gold has eased, heading towards its biggest weekly decline in two-and-a-half months, as the US dollar climbed from last week's three-year low on the back of higher US Treasury yields.

Commonwealth Bank has denied liability in a shareholder class action alleging it breached continuous disclosure obligations with its handling of an Australian Transaction Reports and Analysis Centre investigation into its compliance with money-laundering and terrorism-funding laws.

The Australian share market has made solid gains after a strong lineup of company earnings results briefly drove stocks above 6,000 points on Friday before closing just shy of the mark and up 1.6 per cent for the week.

Woolworths' first-half profit jumped 37.6 per cent to $969 million after comparable food sales at its Australian supermarkets rose 4.9 per cent.

The Australian share market has opened higher, buoyed by overnight gains on Wall Street and a steady flow of positive local earnings.

The Australian dollar is up almost half a cent against a weakened US counterpart.

Oil prices have risen to two-week highs, boosted by data showing a surprise draw in US crude inventories and also by a drop in the US dollar.

Gold has snapped four sessions of losses as the US dollar has surrendered early gains, though the metal remained lower for the week to date and analysts say they expect trading to be rangebound.

The Australian share market has posted a modest rise as big gains for Qantas, Crown Resorts and Nine Entertainment were partly offset by big ex-dividend retreats for AGL Energy and Woodside Petroleum.

A local landscaping company has suspended trading and operations due to financial viability problems a fortnight after one of the state's biggest builders, Cooper & Oxley, went into administration.

Strong ratings and a dominant share of the free-to-air TV revenue market have driven a 55 per cent increase in Nine Entertainment's half year underlying profit.

Qantas will return a further $378 million of capital to shareholders in the form of a buyback after the carrier lifted first-half profit 18 per cent to $607 million.

The Australian share market has opened higher, shrugging off Wall Street's turnaround from strong gains to finish firmly in the red.

The Australian dollar is little changed against its US counterpart which has again risen helped by buoyant short-term US Treasury yields.