Local stocks eked out a small gain today, but came off earlier highs due to falls from regional lenders and a flat finish from index leader BHP Billiton (BHP). The All Ordinaries Index (XAO) rose 11.2pts or 0.2pct by close to 4841.2 while the S&P/ASX 200 Index (XJO) added 11.2pts or 0.2pct to 4757.1.

Reserve Bank Governor Glenn Stevens today fronted a Senate Inquiry into the financial industry, a day after the government announced banking reforms. Governor Stevens indicated his job is neither to attack nor defend the big banks. The big four all managed to shake off the reforms, with shares in Westpac (WBC) up 1.5pct to $22.90, the Commonwealth Bank (CBA) firmer by 1.2pct to $51.20 and the NAB (NAB) up 1.5pct to $24.57. Shares in the ANZ (ANZ) added 1.1pct to $24.10. However regional lenders suffered, with the Bank of Queensland (BOQ) losing 3.5pct to $10.97 and Bendigo and Adelaide Bank (BEN) weaker by 3.3pct to $9.91.

BHP Billiton (BHP) closed steady at $45.44 while Rio Tinto (RIO) gained 0.5pct to $87.77. Iron ore player Fortescue Metals Group (FMG) gained 1.8pct to $6.66 after raising US$1.5 billion to boost production.

Gold miner Newcrest (NCM) fell 0.3pct to $40.17 in response to a fall in the Comex quote.

Online accommodation provider Wotif.com (WTF) climbed 0.4pct to $4.83 despite a broker downgrade.

Westfield Retail Trust (WRT) had a disappointing debut on the market, falling 3.3pct to $2.66. Westfield Group (WDC) closed down 2pct to $9.60.

Transfield Services (TSE) announced will buy resources services provider Easternwell Group for $575 million. Transfield shares were in a trading halt at $3.50.

Tabcorp Holdings (TAH) has reached a deal with the Queensland government to boost its expansion plans in Queensland to $625 million in return for more gaming machines and tables. TAH added 1pct to $7.12.

Fairfax (FXJ) firmed by 0.4pct to $1.41 after announcing it had purchased tendering website TenderLink for NZ$21.6 million.

Pike River Coal (PRC), which has not traded since the fatal explosion at its coal mine in New Zealand, was today placed in receivership. New Zealand Oil and Gas (NZO) which has a 29.4pc stake in the miner, closed steady at $0.68.

The terminal gate or wholesale price of petrol rose by another 3 cents a litre last week to 25-month highs. Over the past fortnight wholesale petrol prices have lifted 6.5 cents but the pump price has so far only risen by around 3.5 cents.

The average credit card balance stood at a $3,244.80 in October, down $17.10 on September. The average credit card balance has been slashed by $39 in the past four months, the biggest fall in 15 years apart from the GFC period in early 2009.

Purchases on credit cards fell 2.9pct in October but purchases on debit cards rose 2.7pct in the month.

Total lending finance rose by 3.7pct in October, with all but personal finance advancing.

The Australian dollar ended the day’s trade at US98.52c, £0.624 and €74.66c.

On the market overall, a total of 2.64 billion shares were traded, worth $4.59 billion. 565 were up, 571 were down and 392 were unchanged.

At 4.30pm AEDT on the ASX24, the futures contract was at 4760, up 1pt.

No major economic data is released in the US tonight.