MELBOURNE - The Australian share market closed relatively flat on Wednesday as positive sentiment towards the resources sector was offset by weakness among some of the major banks.
At the 1615 AEDT close, the benchmark S&P/ASX200 index had risen 1.6 points, or 0.03 per cent, to 4,925.9 points, while the
broader All Ordinaries index had gained 7.7 points, or 0.16 per cent, to 4,947.2 points.
On the Sydney Futures Exchange, the March share price index futures contract was down 15 points at 4,913 points on volume of 16,835 contracts, according to preliminary calculations.
RBS Morgans private client adviser Craig Walker said the best performing sector on Wednesday was resources, with global miners BHP Billiton and Rio Tinto, and Fortescue Metals rising as investors become more positive about future increases in iron ore prices.
Mr Walker said that on the negative side, the major banks were mixed after an adverse report from Morgan Stanley.
"Those two sectors have probably balanced each other out and that's why you see the index only up one-and-a-half points," Mr Walker said.
Mr Walker said trading was still quiet given that people were on holidays.
"But I think people are still quite bullish on the commodities theme and the relationship between the Australian and US dollar and that sort of thing," he said.
"The themes that we ended the last calendar year with are continuing."
Among the major banks, National Australia Bank shed 54 cents to $27.21, Commonwealth Bank firmed 28 cents to $55.98, ANZ sagged 34 cents to $22.66, and Westpac was off 12 cents at $25.39.
In the resources sector, global miner BHP Billiton was up 54 cents at $43.82 as it said the Antamina mine in Peru would get a US$1.3 billion (A$1.43 billion) expansion.
Rio Tinto ascended $2.23 to $78.58.
IronClad Mining was six cents richer at $1.14 after it appointed a marketing manager and a consultancy group to handle government approvals for its planned first iron ore mine: Wilcherry Hills in South Australia.
Kagara firmed two cents to $1.11 as it said the first ore from its Lounge Lizard nickel sulphide joint-venture with Western Areas NL had been mined.
Oil and gas producer Woodside Petroleum lifted 43 cents to $48.40, and Santos rose 11 cents to $14.61.
National carrier Qantas Airways scraped off one cent to $2.95 as Qantas subsidiary Jetstar said its alliance with Malaysia-based low-cost carrier AirAsia could potentially save hundreds of millions of dollars and result in lower fares.
On Wall Street overnight, the Dow Jones Industrial Average index closed 11.94 points, or 0.11 per cent, lower at 10,572.02.
In the gold sector, Newmont nudged up one cent to $5.29. Newcrest was steady at $36.72, and Lihir picked up five cents to $3.40.
The price of gold in Sydney at 1625 AEDT was US$1121.90 per fine ounce, down US$1.90 on Tuesday's closing price of US$1123.80.
In the media sector, News Corp was 17 cents richer at $17.80, and its non-voting stock added 24 cents at $15.37.
Consolidated Media improved five cents to $3.04, and Fairfax eased 1.5 cents to $1.745.
Radio broadcaster Austereo advanced three cents to $1.69 as it appointed one of its senior executives to the helm after the resignation of its existing chief Michael Anderson.
Retailer Woolworths was five cents poorer at $27.91, and Wesfarmers, which owns Coles, was 47 cents lower at $31.20.
Womenswear retailer Speciality Fashion Group jumped 16.5 cents to $1.57 after it upgraded its first half profit forecast but cautioned that it expects economic conditions to be challenging in 2010.
Telco Telstra weakened six cents to $3.38, and Optus-owner Singapore Telecommunications retreated one cent to $2.44.
Aust stocks close flat as miners rise, banks dip -3
The top-traded stock by volume was investment firm Future Corporation, with 178.8 million shares worth $898,450 changing hands.
Future Corporation was 0.1 cents or 25 per cent higher at 0.5 cents.
Preliminary national turnover was 2.49 billion shares worth $3.9 billion, with 637 stocks up, 452 down and 346 unchanged.
- AAP
MELBOURNE - The Australian share market closed relatively flat on Wednesday as positive sentiment towards the resources sector was offset by weakness among some of the major banks.
At the 1615 AEDT close, the benchmark S&P/ASX200 index had risen 1.6 points, or 0.03 per cent, to 4,925.9 points, while the
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