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MELBOURNE - The Australian share market closed marginally higher as cautious investors took profits ahead of another expected interest rate cut next week.
At the 1615 AEDT close, the benchmark S&P/ASX200 index was 16.9 points, or 0.42 per cent higher, at 4018, while the broader All Ordinaries put
on 25.4 points, or 0.64 per cent to 3982.7.
At 1616 AEDT on the Sydney Futures Exchange, the December share price index contract was 10 points higher at 4028, on a volume of 28,747 contracts.
"The market has been in and out of the red today," CMC Markets senior dealer Dominic Vaughan said.
"There's been a little bit of caution from investors today, with a bit of profit-taking and all eyes on the US election and the potential RBA (Reserve Bank of Australia) rate cut next week."
The board of the RBA holds its next regularly monthly meeting on Tuesday, November 4.
Rio Tinto gained 28 cents to $77.60, BHP Billiton fell 61 cents, or 2.13 per cent to $27.99 and Fortescue lost 19 cents, or 6.05 per cent to $2.95.
The market opened half a per cent lower after US indices shrugged off downbeat economic news to close higher, with the Dow Jones adding 189.73 points, or 2.11 per cent, to 9,180.69.
The banking sector was mixed, with Commonwealth Bank adding 11 cents to $40.30, Westpac losing two cents to $20.28, ANZ falling 20 cents to $17.36 and National Australia Bank retreating 20 cents to $23.99.
Childcare provider ABC Learning Centres was steady at 54 cents after the company delayed its annual results for fiscal 2008 for the third time this year.
Pipeline manufacturer and distributor Crane Group gained three cents to $8.95 and says its full year profit is expected to be line with the previous year, amid challenging market conditions.
ConnectEast Group said traffic volumes on its EastLink tollroad would eventually return to the levels experienced when the tollroad operated for a month without tolls, with its shares losing one cent to 72.5 cents.
The retailers were mixed, with Woolworths adding 31 cents to $27.80, Wesfarmers putting on 68 cents to $21.47, David Jones losing 15 cents to $3.07 and Harvey Norman shedding seven cents to $2.58.
The media sector was mixed, with News Corp gaining $1.22 to $14.85, its non-voting shares picking up $1.22 to $14.77, Consolidated Media retreating four cents to $2.06 and Fairfax steady at $1.92.
The energy sector was mixed, with Oil Search putting on 20 cents to $4.50, Santos losing 46 cents to $13.49 and Woodside shedding $1.28 to $41.88.
Incremental Petroleum gained 2.5 cents to $1.06 after suitor Canadian oil and gas explorer TransAtlantic Petroleum Corporation bought an 8.04 per cent stake in the takeover target on-market.
The spot price of gold was weaker and was trading at US$734.25 an ounce by 1627 AEDT, down US$34.35 on yesterday's local close of US$768.60 an ounce.
The gold miners were mixed, with Newcrest picking up 28 cents to $20.80, Newmont adding 22 cents to $4.07 and Lihir falling 10 cents to $1.95.
GPT Group was the most traded stock on the market by volume, with 105.15 million shares changing hands worth $76.66 million.
The property group dropped 4.5 cents, or 5.7 per cent to close at 74.5 cents.
Preliminary market turnover reached 1.71 billion shares, worth $5.55 billion, with 636 stocks up, 366 down and 288 unchanged.
- AAP