Aust stocks flat at noon

Local market narrows small early losses as RBA maintains easing bias.

The Australian stock market narrowed small early losses to sit flat at noon after the Reserve Bank of Australia said it was open to more cuts in the official cash rate, but not yet.

At 1205 AEST, the benchmark S&P/ASX200 index inched down 0.06% to 5,244.7 points, while the broader All Ordinaries index was 0.05% lower at 5,239 points.

IG analyst Evan Lucas said liquidity should return to the local market today, after only $3.9 billion was traded yesterday, compared to the $5.1 billion year-to-date average.

The Australian Bureau of Statistics (ABS) release August data for new motor vehicle sales, which lifted 0.8%.

In Australia, the market yesterday continued its run of gains that began on September 6, the day before the federal election.

The market has touched five-year highs and risen on six out of seven trading days since September 5 gaining more than 2.0%.

The benchmark S&P/ASX200 index gained 28.4 points, or 0.54%, to 5,248 points.

The broader All Ordinaries index was 27 points, or 0.52%, higher at 5,241.7.

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