News from AAP

Stocks close flat following market holiday in the US

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The Australian share market closed flat on a day when only about two-thirds of the average daily value was traded, amid an absence of offshore leads with Wall street closed for a public holiday.

The one exception to the low volumes was Fairfax Media, as Australia’s richest woman Gina Rinehart reduced her stake.

Mrs Rinehart sold to an Australian fund manager 86.5 million shares worth $50.1 million, reducing her stake in the company to 15 per cent.

The sale comes amid a stand-off between Mrs Hancock and Fairfax over her push to join the company’s board.

At the close on Thursday, the benchmark S&P/ASX200 index was three points, or 0.07 per cent weaker at 4,169.2, while the broader All Ordinaries index was down 3.9 points, or 0.09 per cent, at 4,209.9.

The September share price index futures contract was eight points weaker at 4,134, with 16,385 contracts traded.

National turnover was 1.12 billion shares worth $3.01 billion, with 442 stocks up, 416 down and 345 unchanged.

Average turnover value on the ASX is usually between $4 billion and $4.5 billion.

CMC Markets sales trader Miguel Audencial linked the lacklustre trading to caution about monetary stimulus policies that are expected to be announced by central banks in England and Europe including interest rate cuts.

It also followed a public holiday in Wall Street overnight.

“A lot of investors-traders are looking at confirmation of BOE (Bank of England) and ECB (European Central Bank) with regards to monetary stimulus,” Mr Audencial told AAP.

Employment figures from the US including a non-farm payrolls report might spark a rally to end the week on Friday, he said.

Fairfax shares were the highest traded by volume and 12th highest by value – significant because the company’s market value is relatively small.

Fairfax closed up 0.5 cents at 58.5 cents.

Other media shares were mixed, with News Corp seven cents down at $21.88 and its non voting shares were up two cents at $21.82.

Its takeover target Consolidated Media was two cents up at $3.40 and Seven West Media was five cents off at $1.735.

The mining giants gave up early gains. BHP Billiton was down five cents at $32.42 and Rio Tinto was 29 cents weaker at $58.68.

Among the banks, ANZ was 11 cents up at $22.48, National Australia Bank was two cents stronger at $23.85, Westpac found 22 cents at $21.75 and Commonwealth Bank was 22 cents up at $53.81.