Australian stocks have closed flat after a directionless day’s trade, with gains among the big miners offset by weakness in the consumer staples sector.
At 1615 AEDT on Thursday, the benchmark S&P/ASX200 index was down one point, or 0.02 per cent, at 4,582.8 points, while the broader All Ordinaries index had risen 1.1 point, or 0.02 per cent to 4,592.9 points.
On the ASX 24, the December share price index futures contract was six points lower at 4,590 points, with 22,229 contracts traded.
The local market opened up about 0.1 per cent before slipping slightly into negative territory at noon, with trade stuck in narrow range after a flat lead from offshore markets.
“The ASX 200 is relatively flat, IG markets strategist Stan Shamu said in a research note.
“There haven’t been any major data releases in the region today.”
Consumer staples was the worst-performing sector on the market, falling 1.13 per cent, according to IRESS data.
Among stocks in the sector, Coca-Cola Amatil fell 23 cents, or 1.7 per cent, to $13.33, declining for a second day after its earnings guidance for calendar 2012 issued on Wednesday disappointed the market.
In percentage terms, CCA was the fourth worst-performing stock on the S&P/ASX50, according to IRESS data, and the closing price was CCA’s lowest since November 20.
“Any stock that disappoints in this particular environment, particularly on growth expectations or revenue is going to get caned unfortunately,” Burrell Stockbroking adviser Jamie Elgar said.
In banking news, Westpac told shareholders at its annual general meeting the bank did not expect conditions in the sector to improve any time soon, but added it was in good shape to deliver sound returns for shareholders.
NAB’s AGM heard the restructuring of the bank’s ailing British banks – Yorkshire and Clydesdale banks – was well advanced and expected to be completed in 2013.
And at the Bank of Queensland’s AGM, the bank said it was hopeful interest rate cuts and a recovery in its home state housing market would help it turn the corner.
Westpac gained eight cents to $25.98, while NAB fell six cents to $24.60 and Bank of Queensland slipped seven cents to $7.16.
ANZ was down two cents at $24.68, CBA was up eight cents at $61.28.
In other news, BHP Billiton and ExxonMobil said they would spend more than $US1 billion ($A951.70 million) to upgrade the Longford gas plant in Victoria, creating 250 construction jobs.
BHP was up 24 cents at $36.00, while Rio Tinto was 55 cents higher at $62.75.
The materials sector was one of the market’s better performers, rising 0.4 per cent.
The spot price of gold in Sydney was $US1,700.80 per fine ounce, down $US9.95 from Wednesday’s local close of $US1,710.75 per ounce.
Preliminary market turnover was 1.5 billion securities worth $4.2 billion, with 453 stocks up, 479 down and 334 unchanged.
