Share market closes flat despite early gains

By Simon Frazer

BHP Billiton initially recovered ground after its losses yesterday in the wake of its demerger plans, but it closed down another 0. 25 per cent. Rio Tinto fell 0. 6 per cent and gold miner Newcrest 0. 2 per cent.

Origin Energy helped spark the energy sector’s gains, rising 4. 2 per cent on a jump in profit.

Among the banks, NAB closed 0. 33 per cent higher and Westpac gained 0. 2 per cent, but ANZ fell 0. 2 per cent and the Commonwealth ended just in the red.

The operator of the share market, ASX, also pleased investors, rising 1. 6 per cent on its profit results.

The market was trading up to 0. 5 per cent higher at lunchtime but drifted away from those gains through the afternoon.

The All Ordinaries index gained just 5 points, less than a 0. 1 per cent rise, to finish the session at 5,634 while the ASX-200 index rose 4 points to 4,639.

Internet company iiNet also fell 1. 2 per cent, Mortgage Choice 1. 3 per cent and Mirvac Group 0. 8 per cent.

AMP was among the companies reporting today, with its shares surging 4. 2 per cent despite a fall in half-year profit.

Other firms reporting did not fare so well, with Treasury Wine Estates losing 2. 4 per cent.

Read more here: ABC


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