Australian shares have opened flat after mixed overseas leads, with mining stocks expected to drag the market down during the day.
At 1016 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 2.4 points, or 0.05 per cent, at 4,722.1 and the broader All Ordinaries index had added two points, or 0.04 per cent, to 4,747.7.
On the ASX 24, the March share price index futures contract was up five points at 4,694 with 3,953 contracts traded.
IG Markets strategist Evan Lucas said while the market had opened fairly flat he was expecting it to fall during the day after a bad night for commodities.
“We see it moving lower today with mining stock continuing to drag the market down, with the 4700 level to be tested later on,” he said.
“Commodities were down heavily in London overnight with copper and aluminium falling after four days of gains.”
US stocks were mixed ahead of a heavy week of earnings releases.
The Dow Jones Industrial Average closed 18.89 points, or 0.14 per cent, higher to 13,507.32.
European stock markets were also mixed while the euro hit a 20-month high against the yen.
London’s benchmark FTSE 100 index of top companies slid 0.22 per cent to close at 6,107.86 points on Monday.
Locally the mining giants opened mixed.
BHP Billiton gained 9.5 cents to $36.66, Rio Tinto dived 37 cents to $65.62 and Fortescue fell three cents to $4.70.
Rio Tinto is scheduled to release its fourth quarter operational review and the Australian Infrastructure Fund is to hold an annual general meeting and extraordinary meeting.
The four major banks opened mixed.
Commonwealth Bank gained 2.5 cents to $61.655, ANZ added 1.5 cents to $25.225 and National Australia Bank was up three cents to $25.77.
However, Westpac fell five cents to $26.45.
Billabong shares are in a trading halt after the troubled retailer received its sixth takeover bid in less than 12 months.
The surfwear company will resume trading at 1100 AEDT.
National turnover was 170.4 million shares worth $215.1 million, with 276 stocks up, 228 down and 238 unchanged.
