The Australian share market was relatively flat in early afternoon trade as falls by several large companies caused by dividend payouts offset other gains.

At 1630 AEST on Monday, the benchmark S&P/ASX200 index was down 5.8 points at 4,364.3 while the broader All Ordinaries index was down 1.9 points at 4,391.9.

Telstra and Commonwealth Bank (CBA) weighed on the market, after each paid out their final dividends for the 2011/12 financial year.On the ASX 24, the September share price index futures contract was 23 points higher at 4,353 points, with 14,408 contracts traded.

The value of a company’s shares typically fall by the same value of its dividend on the day the payment is made to shareholders.

Telstra was down 18 cents, or 4.6 per cent, at $3.72 at midday, after paying a final dividend of 14 cents.

CBA was down $1.755, or 3.0 per cent, at $55.595, after paying a final dividend of $1.97.

The remainder of the big four banks were higher.

Westpac was up 38 cents to $24.88, National Australia Bank had added 27.5 cents to $24.905 and ANZ was 13 cents higher at $24.74.

The resources sector was mixed, with BHP up 16 cents at $33.16 and Rio Tinto down 65 cents at $54.70.

BlueScope Steel was down half a cent at 39.5 cents after forecasting an improved financial performance in the year ahead.

The company on Monday reported a net loss of $1.04 billion for the 12 months to June, in line with its recently issued guidance.

Among the other companies to post financial results on Monday, contract miner and builder MacMahon Holdings was the best performer on the market, with its shares up 4.25 cents, or seven per cent, at 66.75 cents.

MacMahon’s net profit of $56 million in the year to June was up from a $1 million profit in the previous year.