Traders wary but stocks edge higher

The S&P/ASX 200 rose 20.4 points to 4,293.8 as stocks closed firmer after gains on Wall Street. Trading volumes were low because many investors stayed on the sidelines amid ongoing uncertainty about euro‑zone debt and political developments in Italy and Greece. National turnover was around 1.48 billion securities worth about $3.82 billion.

Euro‑zone debt worries — including ballooning yields on 10‑year Italian bonds and political uncertainty in Italy and Greece — are keeping investors cautious. That risk aversion has reduced trading volumes on the ASX and put a spotlight on safe‑haven assets like gold, influencing stock moves across sectors.

Gold maintained its rally as investors sought safe havens amid global uncertainty; the spot price was reported up US$22.45 to about US$1,792.63 per ounce at the end of the Australian session. Gold miners reacted positively — for example, Newcrest rose to $36.06 after a funding announcement — and other gold players also moved higher.

Newcrest announced it will issue US$1 billion in 10‑year and 30‑year bonds to repay existing debt and fund major projects. For investors, that means the company is refinancing and securing longer‑dated financing for growth and liabilities, which can affect its balance sheet and project funding plans.

Kingsgate increased its interest in Chile‑focused explorer Laguna Resources to 83.52% from 69.9%, and Kingsgate shares rose to $6.95 on the news. A larger stake typically signals greater control over the target company and can influence both businesses’ prospects and investor interest.

The big banks were stronger on the day. Commonwealth Bank rose to $49.68 after telling shareholders it expects subdued credit growth to continue into next year. ANZ, National Australia Bank and Westpac also moved higher (ANZ to $21.58, NAB to $25.43 and Westpac to $21.28), reflecting sector momentum despite the cautious credit outlook.

Westfield Group rose to $7.85 after confirming full‑year financial guidance and saying its business was in solid shape following a mixed September‑quarter sales performance. Confirmed guidance can reassure investors about expected earnings and operational stability.

Carbon Conscious, which operates forestry plantation projects for carbon offset credits, received a modest boost after the federal government’s carbon tax was passed in Parliament. The stock closed up about 2.6%, reflecting investor expectations that carbon‑pricing policy could benefit companies involved in offset programs.