The Australian stock market is flat following lacklustre earnings and low wage price data.
IG Markets strategist Evan Lucas said it was hard to say exactly why there was so little movement.
The lowest wage price data in history, uninspiring company earnings and the lingering impact of the Chinese new year may all be factors, he said.
“We’re on the last day of the Chinese Lunar New Year. Celebrations should finish tomorrow, and everybody should be back at their desks,” he said.
“We’ve also just had the lowest wage price data we’ve seen in history. Maybe, that’s weighing on the market’s mind.
“(And), you can’t really get excited by what’s been reported (in company earnings) and that’s why we’re sort of drifting around,” he said.
Telstra, Santos and Woodside’s going ex-dividend also weighed on the market.
Telstra sank 15 cents to $6.44, Santos was down 22.5 cents to $7.90, while Woodside fell $1.61, or 4.4 per cent, to $34.84.
But the big miners rose. BHP Billiton was up 44 cents to $33.50, Rio Tinto climbed 53 cents cents to $63.67, and Fortescue Metals lifted one cent to $2.47.
The major banks were mixed. National Australia Bank was eight cents higher at $37.66 and ANZ put on seven cents to $35.36. But Westpac fell 13 cents to $37.84 and Commonwealth Bank lost 27.5 cents to $90.77.
However, Southern Cross Media’s shares jumped 9.5 cents, or 10.2 per cent, to $1.03 after a slide in Southern Cross Austereo’s first half profit.
Kerry Stokes’ Seven Group jumped 57 cents to $6.75 despite a 74 per cent half year profit slump to $68.48 million amid soft commodity and media markets.
But Mortgage Choice plunged 3.8 per cent, or 11 cents, to $2.79 after news that it’s half year net profit fell 9.4 per cent to $9.97 million.
KEY FACTS
* At 1200 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 1.0 point, or 0.02 per cent, at 5,928 points.
* The broader All Ordinaries index was up 1.6 points, or 0.03 per cent, at 5,891.6 points.
* The March share price index futures contract was 20 points higher at 5,905 points, with 10,744 contracts traded.
* National turnover was 6.56 million securities worth $1.79 billion.