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Abu Dhabi provides US$10 billion to Dubai; shares higher

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Published on: Tuesday, December 15, 2009

After slipping at midday, Australian stocks finished the day higher. The government of Dubai today announced that Abu Dhabi and the United Arab Emirates Central Bank have agreed to provide support to Dubai.

The S&P/ASX 200 rose 18.8 points or 0.41 per cent to 4,654.

The All Ords gained 16.8 points or 0.36 per cent to 4,668.2.

By industry, materials gained 67.2 points or 0.56 per cent, industrials were up 23.4 points or 0.62 per cent, financials added 6.7 points or 0.15 per cent and utilities put on 32.5 points or 0.79 per cent.

Among the major miners, BHP Billiton gained $0.15 or 0.37 per cent to $40.65 and Rio Tinto rose $0.33 or 0.47 per cent to $70.51.

The Big Four banks were mixed. CBA was up $0.30 or 0.57 per cent to $52.80 and Westpac gained $0.15 or 0.64 per cent to $23.71. ANZ dropped $0.14 or 0.66 per cent to $21.16 and NAB took off $0.24 or 0.85 per cent to $27.97. Suncorp-Metway lost $0.12 or 1.39 per cent to $8.54. Macquarie Group dropped $0.29 or 0.61 per cent to $47.60.

Among the gold miners, Lihir Gold added $0.02 or 0.62 per cent to $3.26 and Newcrest Mining gained $0.16 or 0.46 per cent to $35.18.

And among the retailers, Wesfarmers rose $0.36 or 1.23 per cent to $29.59 and Woolworths increased $0.44 or 1.64 per cent to $27.27.

The Government of Dubai, acting through the Dubai Supreme Fiscal Committee, announced in a statement that the Government of Abu Dhabi have provided US$10 billion to the Dubai Financial Support Fund to be used to meet obligations on Dubai World.

In news today, AMP and AXA SA raised its takeover bid for AXA Asia Pacific. The new offer values AXA AP shares at $6.22 per share, a 16 per cent increase from the original proposal of $5.34 per share.

AXA shares lost $0.10 or 1.72 per cent to $5.72. AMP shares were last at $6.23.

To Asia, and the Nikkei lost 39.92 points or 0.39 per cent to 10,067.95 and the Hang Seng gained 19.74 points or 0.09 per cent to 21,921.85.

Oil was at US$69.87 per barrel and gold was at US$1,115.4 per ounce. The Australian dollar was buying 91.26 US cents, 56.09 pence Sterling, 62.38 Euro cents and 81.36 Japanese yen. 

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