The Australian market closed higher after a day of consolidation with gains across most of the board.

At the close today the benchmark S&P/ASX200 index was up 10.2 points, or 0.22 per cent at 4719.7, while the broader All Ordinaries index added 11.9 points, or 0.25 per cent, at 4745.7.

On the ASX 24, the March share price index futures contract was eight points higher at 4689, with 19,288 contracts traded.

CMC Markets' Michael McCarthy said the Australian market had a day of healthy consolidation across most of the board despite low volumes of trading.

“There was broad market support and while nobody got carried away it does appear that investors are back in 2013,'' he said.

US stocks closed in mixed territory on Friday as tepid earnings from Wells Fargo kept markets restrained.

European stock markets closed with modest gains, while the euro rose against the US dollar as traders digested Chinese inflation data and the announcement of a stimulus package in Japan.

Locally, the mining giants and four major banks had a mixed day.

BHP Billiton fell 11 cents to $36.57, Rio Tinto surged 19 cents to $65.99 and Fortescue was flat at $4.73.

ANZ dropped four cents to $25.21 and Westpac dived eight cents to $26.50.
However, Commonwealth Bank jumped 25 cents to $61.63 and National Australia Bank gained 17 cents to $25.74.

In local economic news, data on home loans and job ads today were disappointing.

Australian Bureau of Statistics data showed the share of home loans going to first-time buyers has sunk to its lowest level in more than eight years as government subsidies dry up.

Job advertisements were at their lowest levels for three years after falling for the 10th straight month in December, according to an ANZ survey.

Shares in steelmaker BlueScope Steel rose one cent to $3.71 after it announced it would cut a further 170 jobs in Victoria as it reduces production to cut costs.

National turnover was 1.325 billion shares worth $2.268 billion, with 548 stocks up, 419 down and 377 unchanged.