Australia shares rise 0.5 percent on Wall St lead

* Shares (Berlin: DI6.BE - news) up 0.5 pct on broad-based rally

* RBA re-iterates record low cash rate is appropriate

* 154 shares up, 35 down, 10 unchanged (Adds analysis, quotes, stocks on the move)

SYDNEY/WELLINGTON, Nov 11 (Reuters) - Australian shares rose 0.5 percent on Friday on broad-based gains across all sectors as the European Central Bank vowed to take more easing steps to spark growth in the euro zone.

The S&P/ASX 200 index was up 27.3 points to 5,533.4 by 0040 GMT. The benchmark fell 0.2 percent on Thursday.

The index has been trading in a narrow range of 5,400 to 5,550 over the last 10 sessions in the absence of any major triggers and analysts expect that to continue.

"It's a follow on from the U.S. and European markets. Draghi's comments, which indicate a commitment to increase the balance sheet to its March 2012 level, were taken very positively by the market," said Shane Oliver, head of investment strategy at AMP Capital.

Traders will be more focused on U.S. non-farm payrolls later on Friday and trade data from China, Australia's key export market, expected over the weekend.

On Thursday, Wall Street rose in a volatile session, with the Dow Jones industrial average and S&P 500 hitting record closing highs.

Iron ore miners such as Atlas Iron and BC Iron soared on Friday after a heavy sell-off in the previous session. BHP Billiton (NYSE: BBL - news) and Rio Tinto (Xetra: 855018 - news) were up about 1 percent. Iron ore prices, at 5-year lows, are likely to drop further in a well supplied market.

National Australia Bank and Australia and New Zealand Banking Group down 3.2 respectively and 2.6 percent respectively as they traded ex-dividend.

Commonwealth Bank of Australia (Other OTC: CBAUF - news) and Westpac Banking Corp were both up about 0.8 percent each.

Ten Network jumped as much as 13 percent to its highest since Oct 22 on market talk about Discovery Communications (NasdaqGS: DISCA - news) weighing up a joint bid with News Corp to buy the struggling broadcaster.

UGL Ltd fell nearly 9 percent to its lowest level since Aug. 2004 after it revealed cost blow-outs at its Atlanta power project.

New Zealand's benchmark NZX50 index rose 11.7 points or 0.2 percent to 5,415.34, as gains in technology shares lifted the index near a record closing high of 5,423.26 hit earlier this week.

Xero jumped 5.7 percent to a three-week high of NZ$18.10 ($13.92), extending gains after the accounting software developer said it will acquire a Seattle-based online payroll firm.

Further gains in the index were capped by a 2.58 percent slide in New Zealand Oil and Gas to NZ$0.755, as investors booked profits in the company's climb to a 3 1/2-month high of NZ$0.81 earlier this week. (Editing by Eric Meijer)