Aust stocks close flat

Local market closes flat, with the materials sector dragging the market.

The local stock market closed flat today, after disappointing production results from materials stocks weighed on the market.

At 1615 AEST official market close, the benchmark S&P/ASX200 index edged up 0.01% to 5,035.6 points and the broader All Ordinaries index inched down 0.07% to 5,018.3 points.

IG analyst Chris Weston said negative production numbers plagued the market.

"Gold stocks have found themselves on top of the worst performers list, as gold prices gravitate back to the $1300 level," he said.

CMC analyst Betty Lam said plunging materials stocks "rippled through to other major sectors".

"Notably energy stocks also felt the pinch with financials being today’s only saving grace," Ms Lam said.

"The frenzied exit out of miners weighed down the ASX200’s performance in early trading.

"Unlike our Chinese counterparts, Australian investors are still factoring in yesterday’s China PMI results in a big way today.

"Although the results were less than desirable, they came in as no real surprise."

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles