The Australian share market is relatively flat despite a fall on Wall Street overnight.
At 1032 AEDT on Thursday, the benchmark S&P/ASX200 index was down 2.4 points, or 0.05%, at 4,894.3, and the broader All Ordinaries index was down 2.9 points, or 0.06%, at 4,915.2.
On the ASX 24, the March share price index futures contract was two points lower at 4,858 with 9,754 contracts traded.
COMMSEC’s Juliette Saly said the market’s performance was better than expected.
“We did actually see a bit of weakness coming through from Wall Street overnight, so we weren’t expecting that the recent rally would continue,” she said.
If the market was able to post a gain on Thursday, it would equal the record for the longest winning streak for the ASX200 since 2003, she said.
Wall Street closed modestly lower after data showed the US economy unexpectedly shrank in the last quarter of 2012, and the Federal Reserve maintained its loose monetary policy.
The Dow Jones Industrial Average dropped 44.77 points, or 0.32%, to 13,909.65.
The S&P 500-stock index shed 5.95 points, or 0.39%, to 1,501.89, while the tech-rich Nasdaq Composite fell 10.94 points, or 0.35%, to 3,142.72.
Locally, the resources sector was the main drag on the Australian market, with BHP Billiton down 28 cents to $37.34, and Rio Tinto down 65 cents to $66.47.
All the major banks were relatively flat.
Making news, a cystic fibrosis treatment developed by Australian pharmaceutical company Pharmaxis has received a negative review from advisers to regulators in the United States, sending shares down 41% to 74 cents.
Australia’s largest cattle producer, Australian Agricultural Company (AACo), was down 3.2% after posting an $8.4 million loss in 2012 due to the impact of a suspension of live exports.
AACo shares are down four cents to $1.21.
Virgin Australia’s $98 million plan to buy regional airline Skywest has been given the go-ahead by the competition watchdog.
“That tie-up with Sky looks pretty good for the airlines. It doesn’t look like there’s going to be any competition, but certainly it’s another feather in Virgin’s Cap,” Ms Saly said.
Virgin’s shares were up one cent, or 2.35%, to 43.5 cents.
Skywest Airlines was up 1.5 cents, or 3.49%, to 44.5 cents.
National turnover at 1047 AEDT was 382.4 million shares worth $907.8 million.
