Australian shares have made modest gains but a traders say a relatively flat day was disappointing after the release of strong Chinese economic data.
The market underperformed other regional markets such as China and Japan.
China’s monthly non-manufacturing PMI data showed an increase in economic activity, which sparked a short-lived rise on the local market.
Australian economic data was mixed, with February retail trade numbers meeting expectations while the trade balance surplus of $1.2 billion was regarded as strong.
“It is in limbo and very uninspiring,” CMC Markets sales trader Betty Lam said of the market.
“Unfortunately my clients are looking to position themselves but are not finding that opportunity.”
The big banks were mixed, which was partly attributed to speculation about when interest rates will rise.
National Australia Bank dropped 19 cents to $35.57 after chief executive Cameron Clyne announced he will retire in July, and be replaced by Bank of New Zealand boss Andrew Thorburn.
Commonwealth Bank gained eight cents to $77.03, Westpac dropped 15 cents to $34.47 and ANZ was 11 cents higher at $33.21.
Among the big miners, BHP Billiton added 16 cents to $37.53 as it announced it had agreed to sell its West Musgrave nickel project project in Western Australia to Cassini Resources.
Cassini shares soared, adding 16.5 cents to 21 cents.
Rio Tinto gave up earlier gains to shed 42 cents to $63.68, and Fortescue Metals dropped seven cents to $5.39.
KEY FACTS
* The benchmark S&P/ASX200 index was up 6.6 points, or 0.12 per cent, at 5,409.9 points.
* The broader All Ordinaries index was up 6.9 points, or 0.13 per cent, to 5,415.7 points.
* The June share price index futures contract was 11 points higher at 5,410 points, with 17,377 contracts traded.
* National turnover was 1.6 billion securities worth $4.1 billion.