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Aussie stocks close flat on choppy trade

Xinhua, February 25, 2016 Adjust font size:

Aussie stocks on Thursday struggled to overcome poor performance in the credit and resources market on Thursday despite a late bid in the banks with the index closing virtually flat in a choppy trade.

At the close, the benchmark S&P/ASX200 index was 6.2 points or 0.13 percent higher at 4,881.2, while the broader All Ordinaries index was up 1.4 points or 0.03 percent at 4,944.7.

Aussie stocks were in the red for most of Thursday as an abrupt turn shortly after the open saw banks and resources stocks heavily sold.

Despite the upturn in the banks late in the session with bargain hunters returning, Moody's Investor Services rating downgrade of giant Rio Tinto even after the elimination of their progressive dividend policy continued clouding expectations for the miners, IG market analyst Angus Nicholson said.

"Nonetheless, smaller market cap areas of the market had a pretty decent day," Nicholson said.

ANZ was up 1.03 percent, the National Australia Bank edged 0.36 percent higher, Westpac gained 0.49 percent. However the Commonwealth Bank of Australia slipped 0.36 percent,

BHP Billiton fell 1.11 percent, rival Rio Tinto lost 1.67 percent while gold miner Newcrest rallied 3.20 percent in the flight for safe haven assets.

The small bounce in benchmark crude overnight helped local energy stocks, with Oil Search lifting 0.45 percent, Santos gaining 1.92 percent and Woodside Petroleum being 0.70 percent lower.

Wesfarmers shed 2.70 percent and Woolworths was 1.97 percent weaker.

Qantas dipped 1.76 percent while Telstra rose 0.97 percent. Endit