Australian stocks were flat at noon, propped up by investors looking to buy following last week’s falls.
There is negative sentiment about the global economy following the release of weak US employment figures last Friday, but Australian investors had not reacted to that on Monday having already pushed local stocks down last week, CMC Markets analyst Ric Spooner said.
Traders were targeting resources stocks to buy despite soft commodity prices, due to them having already fallen in recent weeks.
Resources stocks were among the strongest performers at midday, with miners up 0.7 per cent and the energy sector 0.5 per cent stronger.
The bourse’s biggest stock, BHP Billiton, was almost dragging up the ASX on its own, up 47 cents, or 1.5 per cent, to $32.71.
Fortescue Metals was flat at $3.57 and Rio Tinto had shed 77 cents to $54.83.
Gold stocks were performing strongly, with Newcrest surging 22 cents to $19.02, and Alacer Gold gaining 14 cents to $3.64.
The four major banks were mixed, with ANZ up six cents to $27.81, Westpac seven cents higher at $30.32 and Commonwealth Bank 11 cents better at $67.04.
National Australia Bank had lost two cents to $30.55.
Insurer and lender Suncorp was 19 cents, or 1.62 per cent weaker at $11.51, while fellow financial giant Macquarie Group were 96 cents, or 2.62 per cent, worse at $35.67.
KEY FACTS
* At 1212 AEST on Monday, the benchmark S&P/ASX200 index was up 4.3 points, or 0.09 per cent, at 4,895.7 points.
* The broader All Ordinaries index was up 5.6 points, or 0.11 per cent, at 4,904.8 points.
* The June share price index futures contract was down four points at 4,891 points, with 14,915 contracts traded.
* National turnover was 642.36 million securities worth $1.35 billion.
