Australian stocks finished flat as some of Australia’s biggest companies went ex-dividend ahead of the release of major profit reports this week.
CommSec analyst Steve Daghlian said investors had been relatively adventurous, despite Commonwealth Bank and Telstra paying out dividends to shareholders and having the value of their stocks reduced.
“The biggest weight on the market was CBA and Telstra losing ground as they go ex-dividend,” Mr Daghlian said.
“Everywhere else it wasn’t too bad.”
Meanwhile, major resources stocks remained in positive territory.
“That helped to minimise the losses,” Mr Daghlian said.
Telstra shares were down 19 cents at $4.91 a share, while CBA was down $2.15 at $71.15.
The rest of the big four banks were mixed, with ANZ down one cent at $29.44, while Westpac was up 31 cents at $31.57 and National Australia Bank had gained nine cents to $31.36.
BHP Billiton will release its full year profit report on Tuesday ahead of the release of minutes from the US Federal Reserve’s latest meeting on Thursday (Australian time).
In other news, Bendigo and Adelaide Bank shares were flat at $10.60 after it announced an 80 per cent increase in net profit.
Shares in BlueScope Steel were down 77 cents, or more than 14 per cent, at $4.70 after it announced an $84 million net loss for 2012/13.
Mining giant Rio Tinto was up six cents to $60.14 and BHP Billiton shares were 17 cents higher at $37.04.
Woodside Petroleum were also stronger, gaining 41 cents to $38.70.
KEY FACTS
* At the close on Monday, the benchmark S&P/ASX200 index was 1.4 points, or 0.03 per cent, lower at 5,112.5.
* The broader All Ordinaries index was up 2.2 points, or 0.04 per cent, at 5,102.3.
* The September share price index futures contract was 13 points higher at 5,084, with 20,658 contracts traded.
* The spot price of gold in Sydney finished at $US1373.30, up $US11.45 from $US1361.85 on Friday.
* National turnover was 1.4 billion securities worth $4.4 billion.
