AAP

The share market is close to a two-year high after demand for the big four banks, energy producers and miners drove a second straight day of strong gains.

The construction union and some of its key leaders have been fined $242,000 for blocking work on the $80 million Perth International Airport expansion.

The Australian share market has continued higher in early trade, with local investors taking cues from overnight gains on Wall Street.

The Australian dollar has outperformed and retraced lost ground, lifting against its US counterpart, the yen and the euro.

Oil prices has risen as much as 2 per cent after a severe disruption to Libyan oil supplies and as officials suggested OPEC and other producing countries could extend an output cuts deal to the end of the year.

Gold prices have turned lower, after nearing the prior session's one-month high, as the US dollar, Treasury yields and stock markets extend gains.

The share market's benchmark index has risen more than 1.3 per cent to its highest closing level of 2017 as investors put aside their anxieties over US President Donald Trump's ability to implement his agenda.

New Liberal Party WA leader Mike Nahan has written to Bill Shorten asking for his commitment to a GST floor, saying the federal Labor leader cannot be a spectator on the issue.

Myer says it has received no approach from prospective buyers following the huge buy-up that sent the department store operator's shares surging by almost 20 per cent yesterday afternoon.

Western Force chairman Tony Howarth says the club's efforts to succeed have been undermined by Australian rugby powers.

Australian shares have risen with calm returning to global markets after investors took profits following renewed pessimism about US President Donald Trump's ability to implement his agenda.

The Australian dollar is lower against its US counterpart even though the US dollar slid to a near our-month low against a basket of currencies.

Oil has resumed its slide as investors remain uncertain whether producing nations will extend an OPEC-led output cut beyond the end of June in an effort to reduce a global glut of crude.

Gold has rallied more than 1 per cent after US President Donald Trump's failure to push through a healthcare reform package raises questions over his ability to deliver promised tax cuts and spending plans.

Shares in Myer rose nearly 20 per cent during late trading on the Australian share market today on speculation that someone may be considering a takeover play for the department store operator.

The Australian share market has closed lower after losses from the major miners offset a recovery in energy, banks and utility companies.

Engineering and infrastructure firm RCR Tomlinson has won its second contract within a month to design and build a solar energy farm.

Labor's chances of securing a working majority in Western Australia's Legislative Council have foundered after Liberal MP Simon O'Brien ruled out taking on the role of president .

Perth-based miner South32 is launching a $US500 million ($A655 million) on-market share buyback as the BHP Billiton spin-off continues to benefit from the recovery in commodity prices.

Australian shares have fallen on profit-taking amid light trade, mixed international markets and little economic data.

The Australian dollar is flat against its US counterpart which has fallen slightly against a basket of currencies.

Oil has lifted slightly in thin trade, but were on track for weekly losses of about 2 per cent as concerns persisted over an excess of crude.

Gold has risen, notching its second straight week of gains as concern about the ability of US President Donald Trump to push legislation through Congress pressured the US dollar, making bullion cheaper for holders of other currencies.

The Australian share market has staged an end-of-week recovery as investors rekindle their belief that US President Donald Trump will be able to address the issue of tax cuts regardless of the outcome of his efforts to repeal Obamacare.

ANZ Banking Group and Commonwealth Bank of Australia have raised mortgage rates, with all four of Australia's big banks now having moved out-of-cycle since the US Federal Reserve hiked its cash rate last week.

Shares in infrastructure and mining services company Downer have fallen more than 20 per cent after institutional investors showed limited enthusiasm for a capital raising to help fund its $1.26 billion takeover of cleaning and catering firm Spotless Group.

New state Treasurer Ben Wyatt has labelled the latest recommended GST distribution "abysmal" and a threat to the state's finances after the Commonwealth Grants Commission recommended Western Australia receive 34.4 per cent of its per capita share. 

Iron ore miner Fortescue Metals Group is taking further advantage of stronger iron ore prices by paying off another large chunk of its debt.

Australian shares are sharply higher, bucking the lead from Wall Street which closed mostly flat due to concerns over a delay to President Trump's first major reform bill's passage through Congress

Wall Street has declined after US lawmakers delayed a vote on a healthcare bill seen as President Donald Trump's first policy test.

The Australian dollar is lower against its US counterpart, and the yen and the euro, as the local currency underperforms while the greenback remains steady.

Oil prices have dipped, struggling to recover from four-month lows because of investor concerns that OPEC-led supply cuts were not yet reducing record US crude inventories.