The Australian share market has opened fairly flat following a lacklustre finish on Wall Street.
At 1030 AEDT on Friday, the benchmark S&P/ASX200 index was up 5.6 points, or 0.11%, at 4,941.3, while the broader All Ordinaries index was up 4.5 points, or 0.09%, at 4,960.3.
On the ASX 24, the March share price index futures contract was up seven points at 4,901, with 6,364 contracts traded.
Local stocks started in flat territory after US markets closed weaker, despite a rebound from earlier losses.
The Dow Jones Industrial Average shed 42.47 points, or 0.30%, to finish at 13,944.05 while the broader S&P 500 index lost 2.73 points, or 0.18%, to end on 1,509.39.
While disappointing December quarter US productivity data weighed down the US market, RBS Morgans senior equities adviser Tony Russell said Australian investors were sitting on the sidelines in anticipation of next week’s first half results from the Commonwealth Bank of Australia (CBA).
“It’s been an absolute star performer in the last four months and the market will be very keen to see its result,” he said.
CBA had gained nine cents, or 0.14%, to $64.79 at 1030 AEDT.
A day after announcing it was on track for a $6 billion full year cash profit, National Australia Bank gained 26 cents, or 0.91%, to $28.89.
Westpac added 10 cents, or 0.36%, to $28.06 while, ANZ put on 18 cents, or 0.65%, to $27.69.
In the resources sector, gold miner Newcrest’s shares added an impressive 79 cents, or 3.38%, despite announcing on Friday that its first half profit had dropped by 51% because of weaker production and sales.
Newcrest made a net profit of $320 million in the six months to December 31, down from $659 million in the previous corresponding period.
But the company expects a stronger performance in the second half of 2012/13 as new projects begin production and existing assets improve their performance.
“The market doesn’t care about today, they care about six to 12 months,” Mr Russell said.
The Reserve Bank of Australia’s quarterly statement on monetary policy is not expected to move the market unless it signals a policy change to the lower interest rate environment.
National turnover at 1046 AEDT was 299.7 million shares worth $561.9 million.
