Aust stocks open little changed

Local market begins flat following mixed leads from Wall St on drop in pending home sales.

The Australian sharemarket opened little changed following Wall Street's mixed performance after prominent corporate deals and a drop in pending home sales.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index dropped 6 points, or 0.11%, to 5,571.4 points, while the broader All Ordinaries index shed 4.7 points, or 0.08%, to 5,565.2 points.

In local economic news on Tuesday, the Housing Industry Association releases June's new home sales data.

In equities news, ALS Group has its annual general meeting scheduled in Brisbane.

In Australia, the market on Monday fell slightly as gains by iron ore miners were outweighed by falls by most banks and retailers.

The benchmark S&P/ASX200 index dropped 6.1 points, or 0.11%, to 5,577.4 points.

The broader All Ordinaries index shed 4.3 points, or 0.08%, to 5,569.9 points.

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