At the close, the Australian share market has traded slightly higher boosted by a positive lead from US markets.

However, trading volumes were low as investors remained cautious and cautious ahead of a summit of European leaders later this week.

European Union (EU) leaders is set to meet in Brussels later this week, Thursday and Friday, to consider the best credible ways to tackle the euro zone debt contagion.

On Wednesday, the benchmark SP/ASX200 index showed an increase of 29.9 points, or 0.75 per cent, at 4,043.2 points, while a lift of 27.7 points, or 0.68 per cent, to 4,084.0 points was seen in the broader All Ordinaries index.

On the ASX 24, there was an increase of 29 points higher at 4,012 points, on volume of 21,782 contracts traded in the September share price index futures contract.

According to OptionsXpress market analyst Ben Le Brun, the closing of the local bourse in a positive territory is attributed to the strong lead from Wall Street as growth in US home sales and durable-goods orders topped forecasts, but revealing, there was no confidence behind the rise.

Mr. Le Brun said, “That’s reflected completely in the low volumes that we are seeing again.”

“The market is just sort of bobbing along like a cork in the ocean at the moment. We’ve got that EU summit.”

Mr. Le Brun further revealed that the EU summit was hoped to result in something positive but that would be ‘going completely against history’.

On the local market on Wednesday, building products maker Boral was found trading six cents lower at $3.13 after its cutting of its full year profit forecast for the second time in three months, which is said to be due to bad weather and delays to major construction projects.

Whereas, Rupert Murdoch’s News Corporation has showed a rise of 71 cents to $21.50 after the company revealed it was considering splitting its publishing assets from its more profitable entertainment business.

News Corp’s non-voting shares have also increase by 72 cents higher at $21.43.

Remaining steady was casinos operator Crown at $8.58 as after it was reported by the media that its chairman James Packer was considering a joint venture to establish a casino in the Philippines.

In the resources sector, global miner BHP Billiton was trading at a loss of three cents at $30.60 and Rio Tinto retreated 26 cents to $55.08.

Among the major banks, there was an increase of 24 cents at $23.38 for National Australia Bank, 24 cents to $21.54 for ANZ, 45 cents to $52.15 for Commonwealth Bank, and 25 cents to $20.92 for Westpac.

The price of gold in Sydney was at US$1,570.76, which is down by US$13.23 from Tuesday’s closing price of US$1,583.99.

Market turnover showed at 1.76 billion securities worth $3.55 billion, with 512 stocks up, 498 down and 421 unchanged.

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Published in : SKYNEWS.COM.AU