Aussie stocks close flat

MELBOURNE - The Australian share market closed flat on Thursday after gains on financial and industrial stocks countered falls in the resources sector following weaker commodity prices overnight.

At 1615 AEST, the benchmark S&P/ASX200 was down 3.7 points, or 0.08 per cent, at 4450.8, while the broader All Ordinaries retreated by 6.3 points, or 0.14 per cent, to 4458.1.

On the Sydney Futures Exchange, the September share price index contract was 13 points higher at 4444 on 21,923 contract.

Macquarie Private Wealth adviser Helen Spencer said it was a tale of two markets set against a backdrop of better than expected economic data and corporate results.

"We've got a bit of weakness in the resources sector, which is offsetting the generally positive financials sector and a number of industrials today," she said.

"Overall, it was a fairly resilient market with some stocks shining."

Stronger than expected business investment data also buoyed the market.

June quarter business investment rose 3.3 per cent on the previous quarter compared to market expectations of a drop of five per cent, Ms Spencer said.

"That, in tandem with the fact that we've seen stronger than expected consumer spending and construction and trade volumes, is certainly a positive tick for the economy."

Commodity prices lost ground in London overnight, with aluminum falling 3.07 per cent and copper down 1.1 per cent, leading major resources stocks lower.

BHP Billiton fell 50 cents, or 1.31 per cent, to $37.65 and Rio Tinto lost $1.78, or 3.02 per cent, to $57.16.

Ms Spencer said Woodside Petroleum and Newcrest Mining bucked the trend, with Woodside firming 66 cents to $48.88 and Santos added 10 cents to $15.55 and Oil Search gained two cents to $6.01.

Newcrest gained 61 cents to 29.642, Lihir Gold lost four cents to $2.72 and dual-listed Newmont Mining put on three cents to $4.78.

By 1615 AEST the spot price of gold in Sydney was US$944.67, down US$3.03 on Wednesday's close of US$947.70.

The major lenders finished in positive territory, led by ANZ Bank, which advanced 35 cents to $20.32 by 1626 AEST and Westpac added 35 cents to $24.00.

National Australia Bank firmed 30 cents to $27.38 and Commonwealth Bank gained 13 cents at $44.75.

Regional lender Suncorp Metway Ltd was the sector's standout performer, gaining 18 cents, or 2.34 per cent, to $7.88.

Ms Spencer said Toll Holdings and Super Cheap Auto Group Ltd were the standout performers among industrial stocks after they posted positive results.

Toll shares jumped 41 cents to $7.60 after net profit recovered to $270 million for the 12 months to June 30 compared with a loss of $695 million in the prior corresponding period.

Super Cheap Auto shares advanced 12 cents to $4.62 after posting a 25 per cent jump in net profit.

Ms Spencer said James Hardie benefited from the more positive economic data in the US.

James Hardie's shares firmed 18 cents, or 2.52 per cent, to $7.31.

By 1636 AEST major retailers were mixed, with Wesfarmers 17 cents lower at $24.92 and Woolworths gaining eight cents to $28.78 after it posted a 12.8 per cent rise in annual profit to $1.84 billion.

Pacific Brands shares lost 6.5 cents to $1.12. The share price dropped 10.23 per cent on Wednesday after the company reported a $234.3 million net loss.

Media stocks were mixed. Seven Network was down 21 cents to $6.45, Fairfax Media was up 1.5 cents at $1.50 and News Corporation gained 16 cents to $15.66.

News non-voting scrip firmed to $13.37.

Casino operator Crown gained 16 cents to $8.15 after booking an annual net loss of $1.2 billion on writedowns on investments in casinos in the US, Canada and the UK that have been hit hard by the global economic downturn.

The top traded stock by volume was Flinders Mines Ltd, with 195.2 million shares worth $18.5 million.

Flinders' shares surged 10.84 per cent to 9.2 cents.

Preliminary national turnover reached 3.13 billion shares, traded for a value of $6.09 billion, with 528 stocks up, 556 down and 316 steady.

- AAP