Australian Market Flat at Noon | Mitch Cator

2014-09-03


The share market is flat as gains by the big four banks offset weakness in the resources sector.


Morgans private client adviser Alistair McCorquodale said the market was holding up well given a weak lead from Wall Street.


The mining sector's weakness came as BHP Billiton traded ex-dividend, meaning new buyers are no longer entitled to its latest dividend.


Iron ore prices have also fallen further.


"It's probably a reasonable day, given the weak overseas leads and that its being held back a bit by some key companies trading ex-dividend," Mr McCorquodale said.


BHP Billiton had lost 59 cents to $36.31, Rio Tinto was down 56 cents at $62.47 and Fortescue Metals was five cents weaker at $4.05.


The big four banks were among the strongest performers, with National Australia Bank up 29 cents at $35.38, ANZ up 13 cents at $33.74, Commonwealth Bank up 28 cents at $81.78 and Westpac 10 cents higher at $35.08.


Telstra continues to rise, adding four cents to $5.70.


The owner of the Priceline pharmacies brand, API, was six cents richer at 64.5 cents after it lifted its full year underlying profit guidance, due to stronger than expected sales growth.


KEY FACTS


* At 1200 AEST on Wednesday, the benchmark S&P/ASX200 index was up 4.1 points, or 0.07 per cent, at 5,662.6 points.


* The broader All Ordinaries index was up four points, or 0.07 per cent, at 5,660.9 points.


* The September share price index futures contract was 13 points higher at 5,659 points, with 13,156 contracts traded.


* National turnover was 924 million securities worth $1.7 billion.