Aust stocks flat at noon

The Australian stock market was unchanged at noon as investors failed to take inspiration from signs Europe was emerging from recession or a stellar capital return unveiled by Wesfarmers.

At 1205 AEST, the benchmark S&P/ASX200 index edged 0.02% higher to 5,158.2 points, while the broader All Ordinaries index edged 0.02% higher to 5,141.9 points.

Financials were mostly higher, with the big four banks gaining.

Commonwealth Bank added 0.33% to $73.97, while ANZ Banking Group rose 0.46% to $30.29.

National Australia Bank increased 0.51% to $31.48 and Westpac Banking Corporation grew 0.49% to $31.665.

Investment bank Macquarie Group put on 0.69% to $44.94.

In the insurance sector, QBE dropped 2.34% to $17.08, Insurance Australia Group lost 0.51% to $5.81 and Suncorp inched down 0.12% to $12.445.

Wealth management group AMP rose 4.07% to $4.725 after unveiling a modest lift in first-half profit and appointing Craig Meller as chief executive officer.

Materials took a hit, with the major miners both in the red.

BHP Billiton fell 1.29% to $37.375, while Rio Tinto edged 0.03% lower to $61.91.

Fortescue Metals dropped 0.82% to $4.255.

Whitehaven Coal slipped 0.73% to $2.035 and Newcrest put on 3.35% to $12.34.

In the energy sector, Santos fell 0.71% to $14.01, Oil Search lost 0.86% to $8.10 and Woodside rose 0.5% to $38.41.

In Australia, the market yesterday closed flat after strong earnings reports from major companies failed to hearten investors.

The market was subdued despite market heavyweight Commonwealth Bank posting a record profit of $7.68 billion.

The benchmark S&P/ASX200 index dropped 0.3 points, or 0.01%, to 5157.4 points.

The broader All Ordinaries index shed 0.6 points, or 0.01%, to 5141 points.