Aust stocks close flat

Local market little changed as major banks support bourse, materials weigh.

The Australian stock market closed flat in light trade as the major banks pushed higher, countering falls in the resources sector.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index inched up 0.08 per cent to 5,357 points, while the broader All Ordinaries index edged up 0.08 per cent to 5,350.6 points.

IG analyst Stan Shamu said the local market enjoyed a day in the sun compared with the mixed trade across Asia, with the major banks leading a recovery.

"Time and time again we see local investors taking advantage of any price pullbacks in the major banks and topping up so to speak with high earnings growth and excellent payout ratios set to continue," Mr Shamu said.

"Unfortunately some of the major resource names have put in a fairly subdued performance today and this is preventing the local market from extending its gains."

CMC Markets analyst Betty Lam said volumes had been light in afternoon trade due to an absence of local economic indicators and a pending Thanksgiving holiday in the United States.

"We saw the welcome return of precious metal stocks taking the lead, after gold prices dipped to their lowest levels in almost five months only to bounce back and finish firmer," Ms Lam said.

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