Aust stocks close slightly lower

Local market recovers much of the morning's losses, buoyed by the resources sector.

The Australian stock market closed little changed today, recovering morning losses due to gains in resources stocks.

At the 1615 AEST official market close, the benchmark S&P/ASX200 index slipped 0.19% to 5,055.2 points, while the broader All Ordinaries index inched down 0.16% to 5,038.8 points.

CMC Markets analyst Tim Waterer said most of the market appeared to be on "struggle street" today, except for gains in the materials sector.

"Resource stocks remained firmly in favour following the strong Chinese trade balance data on Thursday," Mr Waterer said.

He pointed out that the Reserve Bank of Australia avoided saying there was "scope to ease further" in its August statement on monetary policy today.

"It seems the uncertainty over the domestic interest rate picture for the remainder of the year has investors pondering which assets will offer the best opportunities

"Following Thursday’s strong market rise, traders appeared more circumspect today which translated into an underwhelming session from the local bourse."

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