Market up after lucky 13th US rate rise

The Australian share market closed higher yesterday, amid investor confidence that the US Federal Reserve has finished lifting interest rates for the time being.
The local bourse was higher across the board following the positive US lead.
The S&P/ASX200 index was up 30.8 points to 4617.9 while the all ordinaries had risen 28.6 points to 4567.3.
On the Sydney Futures Exchange, the December share price index contract gained 33 points at 4615, ahead of its expiry today.
On Wall Street overnight, stocks rose after the Federal Reserve lifted US borrowing costs for the 13th time in a row, up by a quarter of a per cent to 4.25 per cent.
However, a brief statement accompanying the announcement was interpreted by the market as signalling a possible end to the campaign of rate hikes.
The Dow Jones industrial average closed 55.95 points higher at 10,823.72.
Shaw Stockbroking head dealer Jamie Spiteri said equity markets were hesitant leading up to the US Federal Reserve's decision.
"It's no surprise that the Fed raised rates, but the market has been quite sensitive towards the comments attached to the decision," he said.
"The market believe the bias towards interest rate hikes may be settling and that further rises may not be imminent in the New Year."
Mr Spiteri said the market had shown marginal improvement across the board.
"There's no real catalyst driving the move in our market - it is relatively steady across the board," Mr Spiteri said.
Among the big movers was Qantas, which jumped three per cent or 12 cents to $3.87.
The airline plans to spend up to $24 billion on 115 aircraft with lower mileage and fuel costs to renew its ageing domestic and international fleet.
Rival Virgin Blue edged up 0.5 cents to $1.575.
Bionic ear maker Cochlear soared nine per cent or $3.69 to $43.44 after raising its 2005/06 earnings guidance.
Meanwhile, electricity utility SP AusNET lost eight cents to $1.30 on its first day of trading on the Australian Stock Exchange, following a $1.41 billion initial public offer. SP AusNET was the top traded stock, with 55.72 million shares valued at $72.12 million changing hands.
The big banks were higher across the board. NAB put on 46 cents to $31.80, Westpac jumped 28 cents to $22.30, Commonwealth Bank found 25 cents to $41.16 and ANZ added eight cents to $23.13.
Elsewhere in the finance sector, Macquarie Bank improved 95 cents to $67.00 and IAG gained eight cents to $5.15.

Resources giant BHP Billiton was seven cents stronger to $21.72, while Rio Tinto shed 20 cents to $63.15. Alumina rose five cents to $6.89.
Among media stocks, Publishing and Broadcasting dipped nine cents to $16.48, while Fairfax slid two cents to $3.90.
News Corp stock rose 35 cents to $22.53 while its preferred scrip improved 34 cents to $21.30.
Telco Telstra and Optus owner Singapore Telecommunications each rose three cents, to $3.79 and $2.03 respectively. Retailer Coles Myer lost 10 cents to $9.97 and Woolworths fell five cents to $16.70.
Market turnover reached 1.01 billion shares traded for a total value of $3.53 billion. The spot price of gold was $US513.375 per ounce, down US$9.00 on yesterday's close.
The Australian dollar fell after being sidelined as traders focussed on the US market and sought clarity over the future direction of American interest rates. At the local market close the local unit was trading at 75.40 US cents, below the previous close of 75.60.
While the the US Federal Reserve lifted interest rates 25 basis points to 4.25 per cent on Tuesday, as expected, its statement gave few clues as to what could happen next.
"We didn't get any clear change in direction or direct bottom line that this was the new way policy would be heading," OzForex currency trader John Corcoran said.