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Aussie share market closes flat

Xinhua, August 17, 2016 Adjust font size:

The Australian share market closed flat as big losses from QBE insurance and Commonwealth Bank were offset by gains from big miners and some financial stocks.

At the close on Wednesday, the S&P ASX 200 index was up 3 points, or 0.05 percent, at 5,535, and the All Ordinaries was up 2.4 points, or 0.04 percent, at 5,628.1 points.

CMC Markets chief market analyst Ric Spooner told Xinhua the market had a flat day as there wasn't much excitement in the world's financial markets.

Movements on the Australian index were largely due to the ongoing reporting season, with some positive reaction to BHP Billiton's results overnight that showed things weren't as bad as they seem.

"There was some support in the mining and energy stocks... (from) the firm commodities and oil prices overnight," Spooner said.

But the reporting season continued to take its toll with Commonwealth Bank of Australia continuing to underperform, while insurance heavyweight QBE was savaged after announcing its claims costs rose.

At the close, ANZ was up 0.71 percent, the National Australia Bank rose 1.52 percent and Westpac added 1.51 percent, however the Commonwealth Bank of Australia shed 2.58 percent

BHP Billiton surged 3.26 percent, rival Rio Tinto rallied 2.27 percent while gold miner Newcrest slumped 5.47 percent lower.

Oil Search gained 2.44 percent, Santos was lifted 0.82 percent while Woodside Petroleum was 0.86 percent stronger.

Wesfarmers rose 1.36 percent while rival Woolworths climbed 0.86 percent.

Qantas gained 0.30 percent while telecommunication giant Telstra's edged 0.18 percent on Wednesday. Endit