Aust stocks open little changed

Local market flat after Wall St shrugs off a greater-than-expected fall in GDP to close higher.

The Australian sharemarket opened little changed after Wall Street shrugged off a greater-than-expected fall in GDP to close at a record high.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index edged down 2.8 points, or 0.05%, to 5,516.7 points, while the broader All Ordinaries index lost 2.8 points, or 0.05%, at 5,496.5 points.

A battle between two giant meat processors over hot dog maker Hillshire Brands also helped boost Wall Street stocks. Shares in Hillshire Brands jumped 17.7% to $52.76.

In economic news in Australia on Friday, the Reserve Bank of Australia will release its monthly private sector credit data.

The local market on Thursday closed closed lower as falling iron prices weighed upon the resources sector.

The benchmark S&P/ASX200 index was down 7.7 points, or 0.14%, at 5,519.5 points.

The broader All Ordinaries index was down 7.5 points, or 0.14%, at 5,499.2 points.