The Australian stock market is flat, dragged down by energy stocks after heavy oil price falls.

CMC Markets analyst Michael McCarthy said there was no real investor conviction driving markets and mining and energy stocks had given up most of Wednesday’s gains.

“We’re between a rock and a high place,” Mr McCarthy said, adding that the ASX200 was still unable to push towards the key level of 6000 points.

“There doesn’t seem to be firm conviction from buyers or sellers.”

Volumes were thin in morning trade amid pressure in the energy sector.

Australia’s biggest oil and gas producer, Woodside Petroleum, gave up all of Wednesday’s gains, falling 92 cents, or 2.6 per cent, to $34.14.

Santos lost 11 cents to $7.30 and Oil Search was 5.5 cents weaker at $7.58.

BHP Billiton shed 30 cents to $30.43, Rio Tinto lost 24 cents to $56.76 and Fortescue Metals dived 9.5 cents, or 4.9 per cent, to $1.84 after a 14.5 cents lift on Wednesday.

The banks were mixed, with Commonwealth Bank up 25 cents at $94.25, ANZ up two cents at $36.81, but Westpac fell eight cents to $39.68 and National Australia Bank dropped two cents to $39.43.

Financial giant Macquarie was 77 cents, or 0.97 per cent, higher at $80.00 as it continued its expansion activity, participating in the $US2.1 billion ($A2.73 billion) purchase of US group’s Apache’s Australian oil and gas assets.

KEY FACTS

* At 1207 AEST on Thursday, the benchmark S&P/ASX200 index was down 4.5 points, or 0.07 per cent, at 5,956.7.

* The broader All Ordinaries index was down 4.5 points, or also 0.07 per cent, at 5,923.9.

* The June share price index futures contract was down seven points at 5,952, with 8,676 contracts traded.

* National turnover was 574.8 million securities worth $1.3 billion.