The Aussie market managed to reverse losses in the last hour of trade on news that the Dubai government has received $US10 billion from neighbouring Abu Dhabi to help it repay debt.
The energy sector was one of the only sectors to not move into positive territory this afternoon.
The S&P/ASX 200 Index finished 19 points higher at 4,654 while on the futures market, the SPI200’s up 15.
In economic news, the Australian Bureau of Statistics said lending finance commitments fell by 9.7 per cent to an eight-month low of $50.766 billion in October. It was the largest monthly percentage fall since March 2008 as consumers and businesses felt the pressure of rising interest rates.
To company news around this afternoon: Qantas Airways (ASX:QAN) today lifted international airfare prices across its network for the first time in almost 18 months because of rising demand for travel. The airline is increasing economy class fares as much as 5 per cent on some flights and also plans to raise first and business class ticket prices as much as 3 per cent. Qantas’ passenger numbers rose at least 6 per cent in October compared to a year ago. Qantas shares jumped 3.49% to $2.67 on the news.
Lend Lease (ASX:LLC) has received approval from Lend Lease Primelife Group (ASX:LLP) shareholders and independant directors to acquire the rest of the shares that it doesn’t already own. Lend Lease has a 43.2 per cent stake and will now buy the rest of the company for 35 cents per share, funded from existing cash reserves and debt facilities. Lend Lease Primelife is a retirement home provider that used to be named Babcock & Brown Communities Group. Lend Lease shares finished the session 2.39% higher at $9.43.
Also making news: Regional Express Holdings (ASX:REX) has filed a complaint with the Australian Competition and Consumer Commission about QantasLink's pricing practices on the Townsville to Mackay route in North Queensland, a route Rex began servicing in October.
Macquarie Group (ASX:MQG) has won regulatory approval from South Korea’s Financial Services Commission to open a branch Seoul. Macquarie has run an investment banking division in South Korea since 2000 and the branch opening will allow corporate lending and foreign-currency trading.
Taking a look at some of the stories covered in our earlier reports: Woodside Petroleum (ASX:WPL) has announced a $2.5 billion equity raising to strengthen its balance sheet and increase liquidity and facilitate the ongoing development of its LNG deposits. Woodside wouldn’t rule out further raisings.
AMP (ASX:AMP) and European based AXA SA have revised their takeover offer for AXA Asia Pacific Holdings (ASX:AXA). AMP and AXA SA are now offering an increased price of $6.22 a share for the company which represents a 53% premium on AXA Asia Pacific Holdings’ closing price on November 5 and a 16% improvement on the original proposal.
In the best and worst performers: The best performing sector today was the Consumer Staples index, which was up 100 points to 7,533. The worst performing by percentage points was the Energy index; which lost 59 points to 15,219.
The best performing stock in the S&P/ ASX200 was Alumina and shares gained 6.39% to $1.665. Shares in Karoon Gas and Macquarie Office Trust also improved.
The worst performing stock was St Barbara and shares lost 4.84% to $0.295. Eastern Star Gas and Mincor Resources shares also closed lower today.
In commodities, gold is trading at $1,125.40 U.S an ounce and since this morning light crude is down 50 cents at $69.37 U.S a barrel.
