Reuters Finance News, Australia

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SYDNEY, May 9 (Reuters) - Australian shares rose 0.55 percent on Friday, as National Australia Bank Ltd (ASX: NAB.ax) gained after reporting upbeat first-half earnings, while record oil prices and a jump in gold prices lifted resource firms.

Market watchers said that while NAB's results had buoyed sentiment in the sector, there were still lingering concerns over the outlook for bank profits over the coming year.

"The result was better than expected but they lifted their bad debt charges and most of the banks are talking up fairly flat years as far as growth is concerned.," said Lisa Jarvis, private client adviser at ABN AMRO Morgans.

"Everyone realises that they won't be able to write the number of loans and mortgages at the rates they previously were charging and there is a feeling that that could cause their profits to slow in that area."

NAB, the nation's top lender by assets, reported an 8 percent rise in first-half core profit, just ahead of analysts' forecasts and raised its interim dividend [ID:nSYD11706].

However, it raised its charge for bad and doubtful debts by 86 percent and warned of slowing credit growth.

The benchmark S&P/ASX 200 index .AXJO 31.2 points to 5,754.4 by 0057 GMT, after rising nearly 1 percent in the previous session.

New Zealand's benchmark NZX-50 index .NZ50 edged up 0.05 percent, or 1.98 points, to 3,627.58. Top stock Telecom Corp Ltd (NZX: TEL.nz) was down 1.3 percent at NZ$3.92.

STOCKS ON THE MOVE

* NAB shares rose 3.9 percent to A$32.20. Among the other top banks, Commonwealth Bank of Australia Ltd (ASX: CBA.ax) added 1 percent to A$44.15, Australia and New Zealand Banking Group Ltd (ASX: ANZ.ax) gained 2 percent to A$22.61 while Westpac Banking Corp (ASX: WBC.ax) was up 0.2 percent at A$25.73.

0048 GMT

* Resource firms rose after oil prices CLc1 hit a fresh record above $124 a barrel on strong demand for diesel, while gold XAU= and platinum prices also surged as the U.S. dollar retreated against the euro.

BHP Billiton Ltd (ASX: BHP.ax) , the world's top miner and Australia's top oil and gas producer, added 2.5 percent to A$46.07, while its main rival and takeover target, Rio Tinto Ltd (ASX: RIO.ax) , rose 1.1 percent to A$146.96.

Oil and gas firm Tap Oil (ASX: TAP.ax) rose 4.1 percent to A$1.87, while gold miner Lihir Gold LGL.AX was up 2.3 percent at A$3.08.

0046 GMT

* Property firm Centro Properties Group CNP.AX rose 7.5 percent to A$0.505, following a two-day trading halt, after it said its banks had agreed to a seven month extension on A$2.8 billion ($2.6 billion) of maturing debt [ID:nSYD56186].

0043 GMT

* The Warehouse Ltd (NZX: WHS.nz) , New Zealand's biggest listed retailer and a takeover target, fell 1.8 percent to NZ$5.40 after it said third-quarter sales slipped 4.3 percent on a year earlier amid softer consumer demand and mild weather [ID:nWEL127829].

0043 GMT ($1=A$1.06) (Reporting by Geraldine Chua)