News from AAP

Flat day on Australian share market

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The Australian share market is trading relatively flat after a weaker than expected performance from Wall Street.

Investors are also cautious ahead of on an important central bank meeting in the US.

IG institutional dealer Chris Weston said US futures trading had indicated Wall Street would put in a stronger performance than the eventual 0.77 per cent rise by the Dow Jones Industrial Average.

“We were expecting a bigger gain than what actually eventuated,” Mr Weston said.

Also, investors are cautious ahead of a US Federal Reserve meeting, and are shying away from buying stocks for now, Mr Weston said.

Some analysts are expecting the Federal Reserve to announce on Thursday morning, Australian time, that it will start to wind back its asset buying program, which has helped stimulate the US economy for several years.

Making local news, shares in coal miner New Hope were 29 cents lower at $4.00 as its annual profit fell due to lower coal prices, a high Australian dollar and one-off writedowns.

Retailer Premier Investments was five cents lower at $8.33, after it reported a strong rise in annual profit but said retail conditions would remain challenging in Australia.

TPG Telecom was up 34 cents at $4.04 after it substantially lifted its annual profit due to growing numbers of broadband and mobile phone subscribers.

In the resources sector, BHP Billiton was 21 cents lower at $36.06, Rio Tinto was down 60 cents at $62.80 and Fortescue Metals was up three cents at $4.61.

Among the banks, National Australia Bank had added 46 cents to $34.56, Westpac was up 14.5 cents at $32.275, ANZ had gained 29.5 cents to $30.645 and Commonwealth Bank was down 60 cents at $73.45.

KEY FACTS

* At 1230 AEST, the benchmark S&P/ASX200 index was down 0.5 points, or 0.01 per cent, at 5,248.1 points.

* The broader All Ordinaries index was down 0.1 points at 5,241.6 points.

* The September share price index futures contract was five points lower at 5,249 points, with 120,599 contracts traded.

* National turnover was $752.3 million securities worth $2.0 billion.