Australian market opens flat

The Australian market has opened flat on Thursday with mixed performances across the sectors.

At 10:37 (AEDT) The S&P/ASX 200 index was up 1.20 basis points or 0.02 percent at 5,808.50, while the broader All Ordinaries index was down 1.70 basis points or 0.03 percent at 5,856.70.

The banking sector, along with health care stocks like CSL, done most of the heavy lifting with excellent profit results yesterday bolstering the market.

The telecommunications sector however has not faired so well in morning trade.

"There has been disappointment with the result in Telstra, and they're one of the big stocks so that has weakened the market overall," CMC chief market analyst Ric Spooner told Xinhua.

The resources industries also saw mixed results as the day began.

"The flat performance by commodities in recent days has taken the wind out of the market, although the miners continue to get support," Spooner said.

The Commonwealth Bank was 0.37 percent up, National Australia Bank lifted 0.28 percent, Westpac gained 0.75 percent, while Anz added 0.77 percent.

Rio Tinto surges 0.95 percent, BHP Billiton climbed 0.64 percent, Fortescue lifted 0.72 percent and Newcrest gained 0.69 percent.

Santos edged higher at 0.13 percent, Woodside Petroleum dropped 0.22 percent and Oil Search was slightly higher at 0.07 percent

Telstra plummeted 4.05 percent, Qantas lost 1.01 percent while CSL surged 3.18 percent. Endit