THE Australian share market finished almost one per cent stronger after a sharp slowing in China's inflation rate boosted resources stocks.
The benchmark S&P/ASX200 index was up 41 points, or 0.98 per cent, at 4212 points, while the broader All Ordinaries index added 38.3 points, or 0.9 per cent, to 4300.5 points.
On the ASX 24, the March share price index futures contract was 51 points higher at 4216 points, with more than 44,000 contracts traded.
The domestic bourse opened higher on news that Greece had achieved more than 75 per cent bondholder support and likely would avoid a default, but eased after disappointing Australian trade balance figures were released at 11.30am (AEDT), sending the dollar lower.
The balance on goods and services was a deficit of $673 million in January, seasonally adjusted, compared with a downwardly revised surplus of $1.325 billion in December, numbers that could prompt the central bank to ease interest rates.
Stocks then rallied in afternoon trade after China released data showing its consumer price index fell 3.2 per cent in February - the lowest since June 2010 - compared with 4.5 per cent in January.
City Index chief market analyst Peter Esho said the Chinese data more than countered the weak Australian trade balance figures.
"The export component was a little bit weaker than expected, but that was more than offset by the Chinese inflation rate data ... which really paves the way for the People's Bank of China to start bringing forward monetary easing, probably as early as next week," Mr Esho said.
"It suggests they do have room to move and that's a positive for risk assets, a positive for commodities, and for Australian stocks.
"That combined with positive news around Greece. And there's optimism around US jobs numbers tonight."
He said the materials index was the best performer, aided by higher commodity prices overnight.
BHP Billiton was up 41 cents, or 1.2 per cent, at $34.71, Rio Tinto gained $1.47, or 2.35 per cent, to $64.13 and OZ Minerals put on 27 cents, or 2.72 per cent, to $10.19.
Mr Esho said OneSteel was a strong performer amid ongoing takeover rumours involving India's Tata Steel.
OneSteel, both an iron ore miner and steel maker, was up three cents, or 2.94 per cent, at $1.05.
The big four banks were all firmer, with Westpac the top gainer, up 28 cents, or 1.37 per cent, at $20.69.
ANZ Banking Group has left its variable interest rates unchanged after its monthly review.
Its shares finished 14 cents firmer at $21.93.
Making headlines on Friday, IAG rose nine cents, or 2.81 per cent, to $3.29 after the insurer said it would cut 600 jobs over the next three years as part of a restructure of its CGU business.
Qantas dropped 4.5 cents, or 2.61 per cent, to $1.68 after its plans for a new premium airline in Asia were put in jeopardy with talks with Malaysia Airlines ending without a deal.
Shares in Gunns were in a trading halt after the woodchipper announced that New Zealand-born billionaire Richard Chandler had decided against investing in the company.
Gunns last traded at 16 cents.
The spot price of gold in Sydney was $US1702.95 per fine ounce, up $US14.225 from Thursday's local close of $US1688.725.
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