The Australian share market has finished flat after the major banks failed to hold onto strong gains and as the energy stocks suffered steep falls.
A rally among the major bank stocks had lifted the share market more than one per cent during morning trade.
Strong leads from Wall Street following positive US jobs data out on Friday had supported high yielding stocks on the ASX but those gains fell away by the afternoon, IG market analyst Angus Nicholson said.
“There was strong buying among the banks in the morning but that dimmed throughout the day and the market failed to hold the 5,200 mark in a sign there is still some trepidation,” he said.
“We have also had a terrible day in the energy space in the wake of the OPEC meeting which failed to cut back oil output and that has been taken as a negative sign for oil prices.”
He said given Asian markets have performed well on Monday and depending on whether Europe and US markets enjoy a strong overnight session, Australian time, the local share market may be in for a better day on Tuesday.
The big four banks were mixed, with National Australia Bank down five cents at $29.56, while Commonwealth Bank was up 29 cents at $80.51, ANZ gained 16 cents to $27.27 and Westpac lifted 22 cents to $32.52.
Telstra shed nine cents, or 1.66 per cent, to $5.32.
Oil and gas producer Santos dropped nearly 10 per cent, or 42 cents, to $3.81, Woodside Petroleum fell 3.68 per cent, or $1.07, to $28.00, while smaller energy player Oil Search shed 5.41 per cent, or 43 cents, to $7.52.
Real estate firm McGrath had a disappointing share market debut to finish more than 12 per cent lower, or 26.5 cents, to $1.835.
Patties Foods was slightly down 0.5 cents at $1.155 after announcing it is exiting the frozen berries business following a hepatitis A scare in February.
KEY FACTS
* At the close on Monday, the benchmark S&P/ASX200 index was up 4.1 points, or 0.08 per cent, at 5,155.7 points.
* The broader All Ordinaries index was up 4.4 points, or 0.08 per cent, at 5,155.7 points.
* The December share price index futures contract was down one point at 5,154 points, with 30,545 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,085.10 per fine ounce, up $22.70 on Friday’s price of $US1,062.40.
* National turnover was 1.7 billion securities worth $4.1 billion.
