Aussie stocks finish flat on Wednesday

Despite a positive start, the Aussie market has closed flat on Wednesday as investors rotated into underperforming sectors searching for value.

At the close, the benchmark S&P/ASX 200 index was up 1.50 points, or 0.03 percent at 5,327.70 points, while the broader All Ordinaries index was down 0.20 points, or 0.00 percent at 5,399.60 points.

"Today was a day to some extent about people switching between different sectors of the market as opposed to taking directional plays," CMC Markets chief market analyst Ric Spooner told Xinhua.

Sectors that had solid gains encountered profit taking, such as resources following the falls in copper and iron ore overnight, while money flooded back into sectors that had been "beaten up" recently, such as energy and utilities.

On Wednesday ANZ added 0.79 percent, the Commonwealth Bank of Australia lifted 0.60 percent, the National Australia Bank gained 0.96 percent and Westpac edged 0.06 percent higher.

BHP Billiton shed 2.32 percent, rival Rio Tinto slumped 3.41 percent while gold miner Newcrest climbed 2.48 percent.

Oil Search rallied 3.35 percent, Santos rose 1.50 percent and Woodside Petroleum was 2.44 percent stronger.

Wesfarmers gained 1.23 percent however Woolworths fell 0.26 percent on legal concerns surroundings its failed foray into home improvement.

Qantas slipped 0.63 percent while telecom giant Telstra added 0.21 percent. Endit