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Aussie shares open flat on little news to influence investors

Xinhua, February 22, 2016 Adjust font size:

Aussie shares were virtually flat at Monday's open after further falls in oil and resources stocks offset a rally in technology and retail stocks on the U.S. market in offshore trade.

At 1015 local time (AEDT), the benchmark S&P/ASX 200 index was up 5.0 points, or 0.10 percent to 4957.8 points, while the broader All Ordinaries index was up 5.3 points, or 0.11 percent at 5013.6 points.

A lack of global and domestic economic news on Monday to direct investors was causing the flat start, as Australia's resources stocks gain but, so far, a mix performance by banks and energy were weighing.

"The US market was flat on Friday and there hasn't been a lot of change in terms of macro news to influence investors since then and this is reflected in our relatively flat open," CMC Markets chief market analyst Ric Spooner said.

"One exception is the energy sector which is weaker this morning due to the softer oil price."

Though last week was the first positive trading week for all markets largely off the back of gains in the energy sector, Friday's "moderation" and oil's "reversal" leaves "everything caught in the middle of nowhere" as the local reporting season "has actually been a positive and ahead of expectations," IG market strategist Evan Lucas said.

At the open, ANZ fell 0.47 percent, Westpac had slipped 0.3 percent however the Commonwealth Bank of Australia gained 0.31 percent and the National Australia Bank was up 0.31 percent.

BHP Billiton gained 0.66 percent and rival Rio Tinto edged 0.23 percent higher.

Woodside Petroleum, however, sunk 2.47 percent, Santos shed 2.36 percent and Oil Search was 1.4 percent weaker.

Woolworths added 0.83 percent. However, Wesfarmers dipped 0.21 percent.

Qantas rose 0.76 percent and Telstra was 0.47 percent higher.

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