The share market has closed flat as big losses by QBE Insurance, CSL and Commonwealth Bank were offset by gains among big miners and some financial stocks.
The benchmark S&P ASX/200 index ended the session three points higher at 5,535 points, clawing back earlier losses, amid some buying of defensive stocks, Bell Direct equities analyst Julia Lee said.
“The materials space also had a good session on the back of BHP Billiton,” Ms Lee said.
BHP jumped 66 cents to $20.91 despite a record annual loss, as its underlying earnings beat expectations, and all areas of its business outperformed, with the exception of iron ore, Ms Lee said.
Rio Tinto and South32 also rose, gaining $1.10 to $49.56 and six cents to $2.08, respectively.
Among the major stocks to fall was QBE, which dropped 93 cents, or 8.3 per cent, to $10.24 after reporting a sharp drop in interim net profit and cash profit.
Biotechnology giant CSL dropped $5.91, or 5.1 per cent, to $110.84 after reporting a 10 per cent slump in annual net profit and providing a disappointing outlook.
Australia’s biggest bank, Commonwealth Bank, dropped $1.96 to $74.04 after going ex dividend.
Others in the financial sector fared better, with Macquarie Group gaining 60 cents to $78.45, Westpac rising 45 cents to $30.16 and National Australia Bank adding 41 cents to $27.45.
KEY FACTS:
* The benchmark S&P/ASX 200 index was up three points, or 0.05 per cent, at 5,535 points.
* The broader All Ordinaries index was up 2.4 points, or 0.04 per cent, at 5,628.1 points.
* The September share price index futures contract was up 23 points at 5,511 points, with 28,930 contracts traded.
* National turnover was 3.2 billion securities traded, worth $6.5 billion.
