Australian shares have closed flat due to a slow start to the local earnings season and holidays in Asia.
Local shares began weaker after the US stockmarket fell sharply on continued unease over emerging markets.
CommSec market analyst Steve Daghlian said volumes were light due to public holidays in China, Hong Kong, Taiwan, but the retail sector received a boost which kept a lid on losses.
“We heard from the likes of JB Hi-Fi which was one of the standouts as margins are improving,” Mr Daghlian said.
The result helped boost the retail sector, but volumes remained light ahead of the US non-farm payrolls results on Friday.
Investors are confident blue chip companies, including the banks, will deliver strong earning reports in February.
Electronics retailer JB Hi-Fi said its half year profit grew by more than 10 per cent to $90.3 million, due to stronger sales and improved margins.
Its shares were up 55 cents at $18.55.
Country Road, a fashion group with operations in Australia, New Zealand and South Africa, posted a record half year profit, and said its annual profit would also grow.
But the big miners and some banking stocks weighed on the market.
BHP Billiton had dropped 13 cents at $36.44, Rio Tinto had fallen 30 cents at $65.34 and iron more miner Fortescue Metals had shed six cents to $5.27.
The major banks also were lower, with ANZ down 30 cents at $29.83, National Australia Bank down six cents at $33.19, but Westpac added 12 cents to $30.99 and Commonwealth Bank was up 17 cents at $74.40.
KEY FACTS
* At 1615 AEDT on Monday, the benchmark S&P/ASX200 index was down 2.1 points, or 0.04 per cent, at 5,187.9.
* The broader All Ordinaries index was down 3.2 points, or 0.06 per cent, at 5,201.9.
* The March share price index futures contract was four points lower at 5,139, with 23,870 contracts traded.
* National turnover was 1.4 billion securities worth $2.7 billion.
