The Australian share market finished slightly higher as cautious investors await any action by the US central bank to stimulate the faltering American economy.
At the close on Wednesday, the benchmark S&P/ASX200 index was up 9.1 points, or 0.22 per cent, at 4,132.4, while the broader All Ordinaries index was up 9.4 points, or 0.23 per cent, at 4,176.8.
On the ASX 24, the June share price index futures contract was three points higher at 4,131, with 82,714 contracts traded.
CommSec economist Savanth Sebastian said investors were cautious ahead of the US Federal Reserve Open Markets Committee two-day meeting that begins on Wednesday night (Australian time).
“They seem to be a bit more circumspect,” Mr Sebastian said.
“Investors are just unsure with all of the volatility on the global markets.
“The drivers behind global equities at the moment seem to be speculation and hopes of stimulus (in the US) rather than any concrete shift in parameters.”
In local news on Wednesday, media giant News Ltd has made a $1.97 billion takeover bid for James Packer’s Consolidated Media Holdings and announced a radical restructure to cope with the demands of digital publishing.
Consolidated Media shares closed 30 cents, or 9.74 per cent, higher at $3.38.
News Corp was 11 cents higher at $20.15, and its non-voting stock lifted 13 cents to $19.90.
Casinos operator Echo Entertainment, in which Mr Packer holds a stake of 10 per cent, was three cents higher, at $4.28.
Elsewhere in the media sector, Fairfax was 0.5 cents lower at 59 cents.
In the resources sector, global miner BHP Billiton was 11 cents richer at $32.60, and Rio Tinto found 95 cents at $57.72.
Rio said that it had committed $US3.7 billion ($A3.64 billion) to expanding its massive iron ore operations in Western Australia’s Pilbara region.
Grocery wholesaler Metcash plans to take its competitive push against the supermarket giants into the hardware sector by taking full control of the Mitre 10 brand.
It closed 15 cents lower at $3.82.
Among the major banks, National Australia Bank added 50 cents to $23.45, Westpac improved 40 cents to $21.20, ANZ picked up seven cents at $21.75, and Commonwealth Bank rose 50 cents to $52.09.
At 1700 AEST the Sydney gold price was $US1618.68, down $14.11 from Tuesday’s close of $US1632.79.
National turnover was 1.87 billion shares worth 5.42 billion, with 487 stocks up, 505 down and 400 unchanged.
AAP krc/jmc
