News from AAP

Aussie shares close a touch higher as US market shuts for hurricane

Print This Post A A A

The Australian share market closed a touch higher as investors sold off shares ahead of some major annual general meetings this week.

At the close on Monday, the benchmark S&P/ASX200 index was up 4.5 points, or 0.1 per cent, at 4,476.9, while the broader All Ordinaries index had gained 3.1 points, or 0.07 per cent, at 4,499.4.

On the ASX 24, the December share price index futures contract was eight points higher at 4,473, with 22,403 contracts traded.

Meanwhile, the NYSE has said it will keep its stock markets closed on Monday due to the dangerous conditions brought by Hurricane Sandy.

City Index analyst Peter Esho said the market opened strongly in response to overselling on Asian markets on Friday, but it fizzled during afternoon trade.

“It’s going to be very stock-specific this week as annual general meetings (AGMs) ramp up in Australia,” Mr Esho said.

“Our market will probably underperform for a little while before finding some solid support.”

He said media stocks appeared to have found a bottom, with Fairfax receiving some relief following a tumultuous AGM last week.

Commonwealth Bank will hold its AGM on Tuesday, while the National Australia Bank releases its full year profit result on Wednesday.

Fairfax shares rose three cents, or 7.8 per cent, to 41.5 cents, while APN News and Media shares rose 2.5 cents, or 7.1 per cent, to 37.5 cents.

Investors are also waiting to see if the Reserve Bank of Australia (RBA) cuts interest rates again at its November board meeting.

On the local market in the resources sector, global miner BHP Billiton was three cents lower at $33.83, and Rio Tinto climbed 47 cents to $57.92.

Among the major banks, ANZ was flat at $25.23, National Australia Bank fell four cents to $25.86, Westpac added six cents to $25.25, and Commonwealth Bank fell six cents to $56.79.

Agribusiness Elders shed one cent to 24.5 cents after it said it plans to sell its main rural services business as it seeks to return value to its shareholders.

National turnover was 1.4 billion securities worth $2.6 billion, with 470 stocks up, 475 down and 373 unchanged.