(Entertainment-NewsWire.com, November 13, 2012 ) Victoria, Australia -- It was a higher than expected ending to a day of trading for the Australian stock market on Sunday.
As Wall Street remained closed due to super storm Sandy, the S&P/ASX200 was at 8.8 point, which was up 4,485.7 points. The broader All Ordinaries index finished up 6.3 points, at 4,505.7 points.
December share price index futures on the ASX 24 were four points higher at 4,482 points, with 20,898 contracts traded.
RBS Morgans Brisbane private client adviser Bruce Smith stated that the Australian market was flat while favoring more defensive stocks.
"The New York Stock Exchange was closed so our market was operating without a real lead in from the US," he said.
The New York Stock Exchange remained through Tuesday (U.S.) as the eastern coast of the United States deals with the aftereffects of the super storm that rocked the northern coast.
The full closure was the first since the September 11 attacks in 2001, when it was closed for four days. It was the first shutdown due to weather since 1985, when another Hurricane closed it for a full day.
Regional carrier Skywest Airlines ascended a full 16 cents to 44 cents after virgin Australia had a near-$100-million bid for the majority of the company.
There was a heavy amount of news coming from Virgin on Tuesday. A 60% stake in the low-cost carrier Tiger Airways Australia was just one such announcement, as Virgin made the $35 million move.
Singapore airlines it had purchased a 10% stake in Virgin Australia for $105 million.
Virgin Australia ended at 48.5 cents, 2.5 cents higher than the day prior. Telstra shares were up to $4.11
BHP Billiton, a mining company, closed at 14 higher ($33.97), as Fortescue was seven cents higher, finishing at $4.10. Rio Tinto finished down six cents at $56.86.
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