RIO - Rio Tinto Ltd - down seven cents at $35.95.

Rio Tinto's Coal & Allied Industries has sold its Ravensworth/Narama thermal coal complex to Enex Resources for $US64 million ($A124.47 million).

NCP - News Corp - up 24 cents at $15.41.

NCPDP - News Corp Preferred Scrip - up 28.7 cents at $13.037.

Qantas and maintenance unions returned to the Australian Industrial Relations Commission in an attempt to end a six-month wage dispute before Christmas.

Early this morning, the chance of a resolution seemed slim with both sides refusing to budge on key issues.

Qantas is demanding maintenance workers accept a wage freeze already agreed to by 10 of its 12 unions.

NSW retailers are expecting Christmas sales will rise by the predicted 4.5 per cent over those for last year's Christmas period.

NSW Retailers Association chief Bill Healey said sales this year have gone very well, according to anecdotal evidence.

"We anticipated an increase of four to 4.5 per cent on last year and the indications are that we are on track to achieve that ... or even go better," Mr Healey said.

Sydney's Daily Telegraph newspaper will cease the publication of its afternoon edition next month.

The move comes as the last afternoon edition of Melbourne's Herald Sun hits the streets today.

Both News Corp-owned titles have been battling declining afternoon circulation in recent years.

Australia's central bank won't be in a hurry to lift interest rates next year and will wait until there are clear signs the economic recovery is underway, according to economists.

The Reserve Bank of Australia may even hold off on changing interest rates until 2003, with the key factor the US economy and how quickly it bounces back.

The RBA cut rates six times in 2001 to take the cash rate to record lows of 4.25 per cent on December 5.

The Australian sharemarket shrugged-off early morning losses to close higher after a strong finish by the banks and financial services giant AMP.

After touching an intraday low of 3330.9, the benchmark S&P/ASX 200 index closed 30.6 points higher at 3374.5.

The all ordinaries index had jumped 28 points to 3314.1.

The all industrials index was 54 points stronger at 5682.6, while the all resources index added 3.1 points to 1518.0.

The Australian dollar caved into further selling to finish the week well down.

At 1700 AEDT the Australian dollar was trading at $US0.5069/74 from 0.5087/92 at Thursday's local close.

The currency hit a low of $US0.5045, its lowest level since November 1, and managed to bounce to close at the day's high of just $US0.5072.

A statewide property boom fuelled by first home owner grants had resulted in a projected budget surplus of $713 million, according to NSW Treasurer Michael Egan.