The Australian share market has recouped early losses, while shares in Fortescue have risen after the miner posted a record profit.

The ASX 200 closed 0.3 per cent higher at 6,129 points, while the All Ordinaries index gained 29 points or half a per cent.

Technology stocks, including Appen (+4.5pc), NextDC (+4.5pc), Afterpay (+4.8pc) and Zip Co (+13.1pc), rose strongly.

Zip Co released an update about the performance of QuadPay, a US buy-now, pay-later provider it intended to purchase, with a shareholder vote on the deal scheduled for the end of the month.

It said QuadPay added 133,000 customers in July and had now surpassed 2 million customers.

Meanwhile, rival Afterpay announced expansion into Europe, after acquiring a payments provider that currently served Spain, France and Italy.

Telco stocks were among the best performers on the market, with gains for Telstra (+0.3pc), Vocus (+5.4pc) and TPG (+10pc).

Other stocks that made big gains included Reliance Worldwide (+17.8pc), Ooh!Media (+17.5pc) and Nearmap (+13pc).

The energy and financials sectors closed in the red, with falls for stocks including Woodside (-1.4pc) and ANZ (-0.9pc), which were trading "ex-dividend".

It means investors who buy shares from today will not be entitled to receive the latest dividend payment.

Shares in Qantas lost 4.4 per cent, after the airline announced it had cut the role of chief executive of Qantas International.

The executive currently occupying that position, Tino La Spina, will leave the airline as international flights remain grounded for an extended period.

The head of Qantas domestic, Andrew David, will now assume responsibility for the international division, in addition to domestic and freight flights.

AMP shares ended 1.1 per cent higher, after the resignation of chairman David Murray, following pressure from major shareholders over the company and the board's handling of sexual harassment complaints.

Mr Murray has been replaced by current AMP director Debra Hazelton.

Super Retail Group, the company behind Rebel, Super Cheap Auto, Macpac and BCF, reported a 20.9 per cent fall in net profit over the past financial year, to $110.2 million.

The retailer cut its final dividend to 19.5 cents per share, after cancelling its interim dividend to preserve cash.

Super Retail shares gained 1.6 per cent, while other retail stocks rose, including Kathmandu (+5pc), Myer (+4.8pc), Premier Investments (+2.4pc) and Mosaic (+1.5pc).

The Australian dollar was slightly higher at about 71.7 US cents by 4:45pm AEST.

Fortescue raises dividend after record profit

Fortescue shares gained 3.2 per cent to $18.56 after reporting a 49 per cent increase in full-year net profit to $US4.7 billion ($6.6 billion).

Demand from China, the world's biggest importer of iron ore, recovered as Beijing ramped up infrastructure spending to tackle a coronavirus-induced economic slump, boosting prices of the commodity despite weak demand in much of the rest of the world.

The miner said it had shipped a record 178.2 million tonnes of iron ore over the year and expected to ship 175-180 million tonnes during the current financial year.

"Iron ore prices remain resilient, underpinned by strong demand in China and ongoing supply concerns from Brazil which we expect will keep the market relatively tight in the near term," RBC Capital Markets' mining analysts wrote in a note.

Fortescue has lifted its final dividend to $1 per share, ahead of most forecasts.

"Despite materially higher dividends and guidance for a significant increase in capital expenditure over the coming year, Fortescue's balance sheet is in a strong position to manage these cash outflows with net debt around the lowest level in recent years," Matthew Moore from Moody's Investors Service said.

Meanwhile, shares in Rio Tinto rose 0.2 per cent after the mining giant said it would cut the bonuses of some executives following a review of its destruction of ancient rock shelters in the Pilbara.

"The review found no single root cause or error that directly resulted in the destruction of the rock shelters. It was the result of a series of decisions, actions and omissions over an extended period of time," the company said.

Rio said chief executive Jean-Sébastien Jacques and two other senior executives would not receive short-term bonuses for 2020, and Mr Jacques's long-term incentive plan would be reduced by around 1 million pounds ($1.8 million).