The Australian share market closed 0.44 per cent higher.
The S&P/ASX 200 index closed 22 points higher to finish at 4946 after being in negative territory in morning trade.
The value of trades was $4.6 billion on volume of 715 million shares at the close of trade. The top three stocks by value were CBA,WBC and ANZ.
On the futures market the SPI is up 24 points.
Broadspectrum Limited (ASX:BRS)
directors have recommended shareholders reject the revised offer of $1.50 per share from Spanish corporation Ferrovial. Broadspectrum formerly known as Transfield Services operates the Nauru and Manus Island detention centres. Shares in Broadspectrum closed 2.4 per cent higher at $1.28.
Qube Holdings Limited (ASX:QUB)
has completed the retail component of its 1 for 4.4 pro-rata entitlement offer of new Qube shares.
MACA Limited (ASX:MLD)
has entered into an agreement to acquire 75 percent of Services South East, a privately owned road asset management and maintenance service provider operating in Victoria and South Australia.
Best and worst performers
The best performing sector was Energy adding 3.2 per cent to close at 7,402. The worst performing sector was Telcos, losing 0.5 per cent to close at 1,931 points.
The best performing stock in the S&P/ASX 200 was Corporate Travel, rising 6.58 per cent to close at $13.92. Shares in Mineral Resources and Pacific Brands also closed higher.
The worst performing stock was SAI Global, dropping 4.35 per cent to close at $3.52. Shares in Evolution Mining and Syrah Resources also closed lower.
Gold is trading at $US1,228 an ounce.
Light crude is $0.19 up at $US35.89 a barrel.
The Australian dollar is buying $US0.7561