Local stocks recorded another modest gain today, with mining stocks managing to outweigh falls from the banks. The All Ordinaries Index (XAO) gained 10.6pts or 0.2pct to 4851.8 while the S&P/ASX 200 Index (XJO) firmed by 9.8pts or 0.2pct to 4766.9.

Financial stocks slumped into the red on the second day of the Senate Inquiry into the banking industry. Shares in the Commonwealth Bank (CBA) eased by 1.1pct to $50.65 while the ANZ (ANZ) was down 0.6pct to $23.95 and the NAB (NAB) fell 0.2pct to $24.51. Shares in Westpac (WBC) however rose, up 0.4pct to $23. Bendigo and Adelaide Bank BEN), managed to reverse some of yesterday’s losses, climbing 0.3pct to $9.94 while the Bank of Queensland (BOQ) dropped 1.4pct to $10.82.

Mining stocks did well on the back of stronger metals trade in London overnight. BHP Billiton (BHP) added 0.5pct to $45.65 while Rio Tinto (RIO) was up 0.2pct to $87.90. Fortescue Metals Group (FMG) climbed by 1.5pct to $6.76.

AGL Energy (AGK) slumped 4.9pct to $15.07 after it failed to pick up any assets under the privatisation of the NSW energy sector. Origin Energy (ORG) shares were in a trading halt at $16.80, pending an announcement which could make the company Australia’s largest energy provider. It’s believed ORG has successfully bid for Integral Energy and Country Energy, while TRUenergy, a subsidiary of Hong Kong´s CLP, is expected to takeover NSW´s largest energy retailer, EnergyAustralia.

The NAB business confidence index eased from +8.1 to +6.2 in November. The business conditions index rose from +1.6 in October to +3.7 in November.

Australian dwelling starts slumped by 13.2pct in the September quarter, after lifting for the previous four quarters. In the September quarter, starts rose in only three of the eight states and territories. In seasonally adjusted terms work started on 170,153 dwellings over the past year, the biggest annual result in almost six years.

The Australian dollar ended the day’s trade at US99.55c, £0.6275 and €74.31c.

On the market overall, a total of 2.59 billion shares were traded, worth $4.5 billion. 583 were up, 573 were down and 360 were unchanged.

At 4.15pm AEDT on the ASX24, the futures contract was at 4771, up 11pts.

Ahead tonight, the US Federal Reserve meets to decide interest rate settings. Data on producer prices and retail sales are also released in the US.