The Australian stock market has opened flat following a soft lead from Wall Street and ahead of the release of key economic figures in the US and China.
CMC Markets chief market analyst Ric Spooner said activity on the local market was subdued as traders take a wait-and-see approach ahead of the release of Chinese trade numbers today and US non-farm payrolls data tonight.
Mr Spooner said the market was waiting for good news to justify current prices as well as further gains.
“Valuations are pretty full and that’s just keeping people a little cautious,” he said.
“The mood of the market is one where people are looking for more evidence before they take things higher,” he said.
The major miners were the biggest drag on the market following a slide in commodity prices and a disappointing earnings report from US aluminium giant Alcoa overnight.
BHP Billiton was down 50 cents to $36.47, Rio Tinto had lost $1 to $64.30 and iron ore producer Fortescue Metals had dropped 11 cents to $5.25.
The banks were higher, with Westpac up 14 cents at $32.08, ANZ 27 cents stronger at $31.86, while National Australia Bank lifted 19 cents to $34.64 and Commonwealth Bank gained 19 cents to $78.17.
Shares in Twenty-First Century Fox fell $1.65, or more than four per cent, to $36.43, after the company announced plans to delist from the ASX.
KEY FACTS
* At 1025 AEDT on Friday, the benchmark S&P/ASX200 index was down 1.1 points, or 0.02 per cent, at 5,323.3.
* The broader All Ordinaries index was down 2.1 points, or 0.04 per cent, at 5,325.4.
* The March share price index futures contract was five points lower at 5,288, with 5,733 contracts traded.
* National turnover was 316 million securities worth $484 million.
