The share market has closed relatively flat as the mining and energy sectors fell on the latest Chinese inflation data and lower iron ore prices.
Those falls had been more than offset by strength in banking and property stocks in earlier trade, but gains in those sectors weakened in the afternoon.
IG Market strategist Evan Lucas said inflation data out of China was a little stronger than expected, suggesting the People’s Bank of China may be less likely to cut interest rates or use other economic stimulus measures.
That means there may not be any major lift in imports of Australian commodities.
The inflation data also prompted a fall on China’s main stock market, Mr Lucas said.
“That’s certainly dragging on our market,” he said.
Miners also fell as iron ore prices tumbled to their lowest level in nearly six years.
“It’s just a very flat day,” Mr Lucas said.
Fortescue Metals dropped 12 cents, or 5.6 per cent, to $2.02, Rio Tinto shed 65 cents to $58.55 and BHP Billiton was 24 cents weaker at $31.91.
In the energy sector, Santos dropped 22 cents, or 2.9 per cent, to $7.33, Oil Search lost six cents to $7.70, while Woodside Petroleum added five cents to $34.89.
Several consumer-related companies also took heavy falls, including Crown Resorts, down 53 cents to $14.72, and Flight Centre, down $1.98 at $41.29.
Among the banks, Westpac was the strongest performer, adding 31 cents to $37.67, while ANZ gained 14 cents to $35.30, National Australia Bank picked up 13 cents to $37.76 and Commonwealth Bank edged 16 cents higher to $90.68.
Telstra advanced six cents to $6.20.
KEY FACTS
* At the close on Tuesday, the benchmark S&P/ASX200 index was up 2.9 points, or 0.05 per cent, at 5,824.2 points, according to preliminary closing figures.
* The broader All Ordinaries index was up 1.3 points, or 0.02 per cent, at 5,794.3 points.
* The March share price index futures contract was five points lower at 5,810 points, with 23,585 contracts traded.
* National turnover was 1.89 billion securities worth $5.1 billion.
