The Australian share market closed almost unchanged, as investors awaited key manufacturing data from China and more news on company earnings in the United States.
At 1615 AEDT on Tuesday, the benchmark S&P/ASX200 index firmed 2.1 points, or 0.05 per cent, to 4,543.1 points, while the broader All Ordinaries index added 3.4 points, or 0.07 per cent, to 4,568.0 points.
On the ASX 24, the December share price index futures contract was up three points at 4,536 points, with 22,456 contracts traded.
OptionsXpress market analyst Ben Le Brun said the Australian market had been unable to hang on to recent gains and drifted downwards over the Tuesday trading session as investors found fewer bargains.
“I’m hearing the phrase from a lot of people that the ASX 200 (index) is starting to represent fair value,” Mr Le Brun said.
“We’ve had a long time of being undervalued, and after recent RBA (Reserve Bank of Australia) interest rate cuts and a couple of other things that have changed sentiment overall, the market has picked up.”
Mr Le Brun said the market now appeared to be setting a ceiling of 4,600 points on any run upwards.
“Chinese manufacturing data will be a big driver in the short term,” he said.
The latest data on Chinese manufacturing for October will be released on Wednesday.
Among the major banks on Tuesday, ANZ gained five cents at $25.71, Commonwealth Bank found 43 cents at $57.10, National Australia Bank dipped two cents to $26.00, and Westpac put on five cents to $25.43.
Elsewhere in the financial services sector, Insurance Australia Group improved three cents to $4.57 as it said it was on track to achieve its full year financial forecasts.
Global miner BHP Billiton was nine cents richer at $34.79, and Rio Tinto ascended seven cents to $57.82.
AGL Energy dumped 26 cents to $14.70 as it said it was cutting back on customer discounts in South Australia and reviewing similar moves in NSW.
Oil Search was steady at $7.60 as it said it still expected to achieve its full year production guidance despite a minor oil spill and loading terminal shutdown.
OZ Minerals climbed 16 cents to $8.45 as it said it was still on track to meet its full-year guidance despite posting a fall in copper and gold production during the September quarter.
Discovery Minerals was eight cents higher at $1.73 after Chinese suitors made a formal takeover offer for the minerals explorer at the same price already rejected by the Discovery board.
Among other stocks, clothing and homewares supplier Pacific Brands slipped 2.5 cents to 53 cents as it said it is too early to tell if its financial results will improve upon last year’s.
Ten Network Holdings was up 0.5 cents at 30.5 cents after it has received a reduced offer for its outdoor advertising business Eye Corp from its private equity suitor.
National turnover was 1.62 billion securities worth $3.98 billion, with 498 stocks up, 447 down and 380 unchanged.
