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.
The benchmark S&P/ASX200 index was up 36.5 points, or 0.52 per cent, at 7,044.9 at noon AEDT while the broader All Ordinaries index lifted 37 points, or 0.52 per cent, to 7,145.6.
Overnight US equities fell as the coronavirus epidemic regained centre stage in markets.
Flights have been cancelled, factories closed and events have been postponed to contain the outbreak that has killed at least 213 people in China.
The World Health Organisation has called the coronavirus epidemic in China a public health emergency of international concern.
But the WHO stopped short of recommending limiting trade or travel due to the outbreak, which has eased market fears.
David Lafferty, Chief Market Strategist at Natixis Investment Managers, says that for the moment they see the coronavirus outbreak as a brief and modest shock to global growth.
But it is a shock that is unlikely, at this stage, to derail the broad economy in 2020, he said.
Most of the economic damage from outbreaks comes from deferred consumption, he said.
Most, but not all, of the activity will catch up, he said in a research note on Friday.
Blood products and influenza vaccine maker CSL was up $2.88, or 0.93 per cent, at $313.37.
Travel stocks have been badly hit since the outbreak started and were mostly flat, except for Flight Centre which surged 73 cents, or 1.86 per cent, to $39.88.
Big banks and big miners were also stronger, with BHP up 46.5 cents, or 1.19 per cent, at $39.465.
Perpetual shares jumped over 4.5 per cent to $43.215 after it said it plans to buy US responsible investments firm Trillium Asset Management.
Medical device maker ResMed also jumped on local news, adding $1.16 cents, or 4.77 per cent, to $25.47 after telling the market demand for its masks was strong.
The Australian dollar was buying 67.26 US cents at noon AEDT, down from 67.38 US cents as the stock market closed on Thursday.
