Aust stocks close flat

Local market ends post-budget session little changed as financial stocks weigh.

The Australian sharemarket closed the session flat following  last night's release of the federal budget as some of the major banks trade ex-dividend.

At the 4.15pm (AEST) official market close, the S&P/ASX200 index fell 1.7 points, or 0.03%, to 5,496.5, while the broader All Ordinaries index added 0.5 of a point, or 0.01%, to 5,475.9 points.

"Australian equities have been mixed today with investors focussing on CBA’s result and a chunky dividend coming out of the market," IG market strategist Stan Shamu said.

"ANZ also caught a tail wind off the result and pushed higher while Westpac, NAB and Macquarie struggled as they traded ex-dividend."

In Australia, the market yesterday closed higher, led by big mining stocks, after markets in the United States lifted and investment bank JPMorgan expressed confidence in the resources sector.

The benchmark S&P/ASX200 index was up 49.8 points, or 0.91%, at 5,498.2 points.

The broader All Ordinaries index was up 46.4 points, or 0.85%, at 5,475.4 points

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