The share market is flat as falls by energy and mining stocks offset gains in the financial sector.
The market was in negative territory for most of the morning session but could again close in positive territory, which would be an eleventh straight day of gains, IG market strategist Evan Lucas said.
“We are almost treading water, so there is a possibility that we could see an eleventh day,” he said.
High yield stocks continue to be in demand in the wake of the Reserve Bank’s interest rate cut on Tuesday, Mr Lucas said.
“Have a look at the diversified financials, they’re killing it at the moment,” he said.
AMP was up 8.5 cents at $6.025 and Macquarie Group had added 46.5 cents at $65.215.
Among the banks, Commonwealth Bank was up 71 cents at $91.50, ANZ had gained five cents at $34.67, Westpac had added two cents to $36.25, while National Australia Bank had dropped five cents to $36.45.
A slide in oil and iron ore prices was dragging mining and energy stocks lower.
BHP Billiton had fallen 75 cents to $31.24, Rio Tinto had dipped 82 cents to $59.91 and Fortescue Metals was nine cents weaker at $2.49.
In the energy sector, Santos was down 26 cents at $8.10, while Woodside Petroleum had fallen 86 cents to $35.00.
Qantas was one of the better performers, up 9.5 cents at $2.475, and Telstra was up three cents at $6.63.
KEY FACTS
* At 1225 AEDT on Thursday, the benchmark S&P/ASX200 index was down 1.6 points, or 0.03 per cent, at 5,775.7.
* The broader All Ordinaries index was down 1.9 points, or 0.03 per cent, at 5,731.8.
* The March share price index futures contract was two points lower at 5,724, with 17,792 contracts traded.
* National turnover was 721 million securities worth $2.1 billion.