The Australian share market has ended higher ahead of the Christmas break as investors put aside worries about the stalemate of over the US fiscal cliff. In a shortened day of trade, the All Ordinaries Index ended two tenths of a percent higher and the ASX 200 Index put on a quarter of a percent. Over the calendar year so far, the benchmark ASX 200 Index is around 14 percent higher. The Australian dollar has dropped around half a cent against the greenback since Friday's close as investors sold off risky assets.

 

 

 

The surf-wear retailer Billabong says it's allowing former executive board member, Paul Naude, to carry out due diligence on the company as part of his takeover attempt. Mr Naude has made a 527-million-dollar offer for the company as part of a wider consortium. Billabong says it's reviewed the proposal and will allow the consortium to examine the company's financial records. The due diligence process is expected to take up to six weeks.