AAP

US stocks have mounted a late-session rally to close higher after an increase in oil prices helped reduce investors' fears about banks' vulnerability to energy companies struggling to pay their debts.

The Australian share market has finished 2 per cent lower, driven down by heavy selling of the big banks and miners.

Takeover target Asciano has lifted its first-half profit on the back of strong coal haulage volumes but warns its earnings for the full-year could still be flat.

Iron ore miner Fortescue Metals Group will continue slashing costs after first-half profit dropped 4 per cent to $US319 million ($A442 million), as fellow miner BC Iron reported a half-year loss of $62.9 million amid falling prices.

Shares in Atlas Iron have surged despite the iron ore miner reporting a half-year loss of $114 million.

WorleyParsons aims to offload more than $100 million of assets after a 77.9 per cent slump in first half profit led it to scrap its interim dividend.

The Australian share market is around one per cent lower after a sharp slide in oil prices prompted selling on Wall Street.

Telstra has appointed the boss of rail and ports operator Asciano, John Mullen, as its new chairman as the mobile giant seeks new growth areas.

Shares in Wesfarmers have slumped after losses from the group's coal mines partly offset Coles' and Bunnings' strong gains.

The Australian dollar has lost some steam after the recent recovery in oil and equities fizzled out.

Gold has risen about one per cent, spurred by a fall in global equities and inflows into bullion funds that helped the precious metal recover ground lost in previous sessions.

Wall Street stocks have slid, hurt by pressure from a renewed drop in oil prices, undercutting momentum that had helped the market rebound from a sluggish start to the year.

The Australian share market has closed lower, with early gains evaporating as investors undertook strategic sell-offs.

Kerry Stokes' Seven Group Holdings will undertake another share buy-back after tough market conditions pushed first-half profit down.

Home builder Cedar Woods Properties is on track to deliver a record result for a sixth straight year and has upgraded its earnings guidance after doubling first-half profit.

Qantas chief executive Alan Joyce is basking in the glow of the airline's record first-half profit, and plans to stick around for more.

The Australian share market is higher following an impressive commodities-driven lift on international markets overnight and mixed earnings results.

The Australian dollar has hit a two-month high following a strong bounce back in commodity prices.

Gold prices have slipped as much as two per cent as the US dollar strengthened and investor appetite for risk increased, but the metal remained above $US1,200 an ounce after a rally that pushed prices to one-year highs in February.

Global stocks have rallied, backed by a rise in oil and commodity prices, while the British pound suffered its biggest one-day loss in nearly six years against the US dollar on fears Britain would leave the European Union.

The Australian share market has closed nearly 1 per cent higher, boosted by bargain hunters, stronger regional markets, a lift in the iron ore price and some encouraging corporate earnings reports.

Newcrest Mining will pay $36 million to settle a class action launched by shareholders who claimed the gold miner had misled them.

The Australian stock has opened marginally higher following a flat performance on Wall Street.

The Australian dollar is higher against the greenback, which sagged despite better-than-expected economic data.

Gold has eased as investors cashed in some of the previous day's two per cent gains, though expectations that rock-bottom interest rates would persist served to keep prices above $US1,225 an ounce.

Mineral sands miner Iluka Resources has swung back to profit but says market conditions for its products remain subdued.

The share market ended the week with a fall, weighed down by weakness in the energy, mining and banking sectors.

Profit has soared at Australia's biggest private health insurer Medibank Private, thanks to premium rises and a crackdown on improper health insurance claims.

Energy giant Santos says it can withstand a prolonged slump in oil prices despite taking an eye watering $2.7 billion full-year loss due to $2.8 billion in write-downs.

The Australian share market has slipped at midday with key bank, mining and energy stocks leading the march downwards.

Wall Street closed lower on Thursday, ending a three-day winning streak, as Wal-Mart shares dragged on the market after a lacklustre earnings report and oil prices pulled back.

The Australian dollar has fallen as oil prices ease.