The Australian share market has closed fractionally higher as gains in financial and resource heavyweights, plus takeover target UGL, offset losses in energy stocks on the back of lower oil prices.
The benchmark S&P/ASX 200 index finished 0.15 per cent higher, losing much of its early morning ground as the second US presidential debate between Republican Donald Trump and Democrat Hillary Clinton progressed.
Bell Direct equities analyst Julia Lee said the local market benefited somewhat from a “Hillary rally” in early morning trade on the back of Mr Trump’s lewd video tapes, which were released over the weekend.
But as the debate progressed, the market gave back a lot of the gains, Ms Lee said.
“I guess Trump did better then what the markets expected in that debate, but by no means is the market pricing in a Trump win,” she said.
Plus, the US futures are up ahead of trading on Wall Street, Ms Lee said.
Australia’s biggest bank, Commonwealth Bank, led the financial sector higher, finishing 24 cents higher at $74.62.
Westpac rose 20 cents to $30.77, National Australia Bank gained 12 cents to $28.29 and ANZ added two cents to $28.28.
Investment bank Macquarie Group jumped 22 cents to $83.93.
Resource giants BHP Billiton and Rio Tinto rose 10 cents to $23.40 and 11 cents to $52.11, respectively.
Shares in engineering and construction firm UGL surged $1.04, or 48.6 per cent, to $3.18 after construction giant CIMIC launched a $524 million takeover bid after buying a 13.8 per cent stake in the group.
CIMIC, formerly known as Leighton Holdings, rose 16 cents to $27.47.
Energy companies, including Woodside Petroleum, Oil Search, Santos and Origin Energy lost ground after oil prices fell 1.8 per cent.
KEY FACTS:
* The benchmark S&P/ASX 200 index was up eight points, or 0.15 per cent, at 5,475.4 points.
* The broader All Ordinaries index rose seven points, or 0.13 per cent, at 5,555.5 points.
* The December share price index futures contract rose 10 points at 5,460 points, with 18,666
contracts traded.
* National turnover was 2.39 billion securities traded, worth $4.58 billion.
