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Aussie market continues to tread water

Xinhua, June 9, 2016 Adjust font size:

Aussie stocks drifted lower on Thursday despite a positive start, as falls in the banks weighed resources and energy buoyed by higher base metals and oil prices.

At the close, the benchmark S&P/ASX 200 index was down 8.1 points, or 0.15 percent at 5,361.9 points, while the broader All Ordinaries index was down 3.7 points, or 0.07 percent at 5,437.4 points.

The Australian market is treading water with a lack of catalyst to push it either way despite buyers cautious in the background of high valuations, CMC Markets chief market analyst Ric Spooner told Xinhua, as there's no positive news for earnings upgrades, or bad news for a risk off sell.

"(The ASX) is parked in a bit of range between those two things," Spooner said.

Energy and resources supported the market on Thursday as traders took some profit out of the financials which are showing better yield, despite high valuations, than the sovereign debt market.

"(There) could be further upside to energy stocks reflecting less risk in the oil market," Spooner said.

"When we do get a correction, chances are it won't be as bad as a few months ago."

On Thursday Oil Search was up 0.29 percent, Santos added 1.48 percent however Woodside Petroleum slumped 1.33 percent.

BHP Billiton gained 0.36 percent, rival Rio Tinto lifted 0.60 percent and gold miner Newcrest is 1.85 percent stronger.

ANZ fell 0.93 percent, the Commonwealth Bank of Australia dropped 0.90 percent, the National Australia Bank slipped 0.23 percent and Westpac was 0.88 percent weaker.

Wesfarmers closed flat while rival Woolworths was edged 0.51 percent higher.

Qantas lost 0.99 percent while Telstra fell 0.73 percent. Endit