The Australian stock market is flat as gains in resources stocks offset weakness in other sectors.
OptionsXpress market analyst Ben Le Brun said the resources sector appeared to have received a boost from news of the free trade agreement between Australia and China.
“It’s a bit of a carry over from yesterday’s theme where the materials and the energy sector are again outperforming and a lot of that might be linked to the free trade agreement with China,” he said.
Mr Le Brun said the strength in resources stocks were enough to keep the market flat, given the weakness in other sectors, including financial stocks which started mostly higher before losing ground.
Global miner BHP Billiton was 15 cents higher at $33.37 at noon, while Rio Tinto added 13 cents to $60.03, though Fortescue Metals fell 11 cents to $3.06.
Among the major banks, Commonwealth Bank rose nine cents to $81.08, ANZ lost five cents to $31.85, while National Australia Bank lost three cents to $32.36, and Westpac lifted 10 cents to $32.82.
Telstra lost one cent to $5.75.
Meanwhile, shares in bonds underwear owner Pacific Brands were up 2.5 cents, or five per cent, to 52 cents after the company announced it would sell a range of its shoe and clothing brands, including Volley, to several buyers for $39 million.
KEY FACTS
* At 1210 AEDT on Tuesday, the benchmark S&P/ASX200 index was down 0.9 points, or 0.02 per cent, at 5,411.6 points.
* The broader All Ordinaries index was down 0.7 points, or 0.01 per cent, at 5,395.9 points.
* The December share price index futures contract was five points lower at 5,421 points, with 13,043 contracts traded.
* National turnover was 657 million securities worth $1.34 billion.
