Aust stocks flat at noon

Local market gives up morning gains as building approvals miss expectations.

The Australian sharemarket is flat at noon, giving up morning gains as official data showed building approvals missed expectations.

At 12.05pm (AEST), the benchmark S&P/ASX200 index inched down 7.8 points, or 0.14%, to 5,450.3 points, while the broader All Ordinaries index edged down 6.5 points, or 0.12%, to 5,432.3 points.

The local market lifted this morning, despite a weaker close on Wall Street as heightened Ukraine tensions overshadowed stronger than forecast US jobs figures. 

But local official data this morning showed building approvals declined in March against expectations of an increase.

Meanwhile, a private inflation gauge by TD Securities and the Melbourne Institute increased in April, strengthening the case for a lift in the official cash rate.

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