News from AAP

Aussie stock market closes slightly higher in light trade

Print This Post A A A

The Australian market finished slightly higher as the closure of Wall Street due to superstorm Sandy led to subdued local trading.

At close on Tuesday, the benchmark S&P/ASX200 index was 8.8 points, or 0.2 per cent, higher at 4,485.7 points, while the broader All Ordinaries index was up 6.3 points, or 0.14 per cent, at 4,505.7 points.

On the ASX 24, the December share price index futures contract was four points higher at 4,482 points, with 20,898 contracts traded.

RBS Morgans Brisbane private client adviser Bruce Smith said trading was quiet on Tuesday mainly due to the closure of Wall Street as the US east coast deals with the impact of superstorm Sandy.

“The market was very flat and favouring more defensive stocks,” he said.

“The New York Stock Exchange was closed, so our market was operating without a real lead in from the US.”

On the local market on Tuesday, regional carrier Skywest Airlines ascended 16 cents, or 57.17 per cent, to 44 cents after Virgin Australia has made a $98.7 million takeover offer for the company.

The news came among a slew of announcements by Virgin on Tuesday, including that it had bought a 60 per cent stake in low cost carrier Tiger Airways Australia for $35 million.

Singapore Airlines also announced it had bought a 10 per cent stake in Virgin Australia for $105 million.

Virgin Australia was 2.5 cents, or 5.43 per cent, higher at 48.5 cents.

Telstra shares were up four cents to $4.11.

The mining giants closed mixed.

BHP Billiton closed 14 cents higher to $33.97, Fortescue was seven cents up to $4.10 and Rio Tinto was six cents down at $56.86.

Among the major banks, Commonwealth Bank gained 52 cents at $57.31 as chairman David Turner said the bank expects demand for credit to remain subdued this financial year amid economic uncertainty around the world.

ANZ was up 15 cents to $25.38, Westpac gained nine cents to $25.34, and National Australia Bank jumped two cents at $25.88.

The Sydney gold price was $US1,711.18 per fine ounce, down $US4.97 from Monday’s close of $US1,716.15.

National turnover was 1.667 billion securities worth $3.102 billion, with 399 stocks up, 512 down and 362 unchanged.