Magic 5000 breached, but day ends flat
At the close, the benchmark S&P/ASX 200 Index was 0.5 points lower at 4959 while the broader All Ordinaries was up 1.2 points, at 4981.5.
CommSec analyst Juliette Saly said investors were positioning ahead of the release of major company reports later in the week.
"We have had some good earnings reports coming through so far, with Bradken today after JB Hi-Fi on Monday," Ms Saly said.
"We had a positive start, but it was encouraging to see the market push through that 5000-point level . . . in early trade despite the fact that we saw falls on US and Europe markets overnight."
Rio Tinto, Commonwealth Bank, Wesfarmers and Westfield are due to report later in the week.
"There's a lot of hope that these results will be better than what analysts had predicted," she said.
Financial stocks finished mixed, with CBA shares up 40¢, or 0.61 per cent, at $65.52.
Westpac was down 21¢ at $27.75, ANZ was down 21¢ at $27.56 and NAB was 16¢ lower at $28.93.
Resource stocks were also lower, after falls in commodity prices. Rio Tinto was down 42¢ at $69.03 and BHP Billiton was 12¢ lower at $37.59. Goldminer Newcrest was down 48¢ or 2 per cent, at $23.67.
The spot price of gold in Sydney was $US1643.30 an ounce, down $US24.91.
Industrial equipment maker Bradken's first-half profit rose by 9 per cent to $46.7 million. Its shares were up 67¢, or 11 per cent, at $6.77.
Shares in Whitehaven Coal rose 7.7 per cent to $3.19 after its Maules Creek mine in NSW received conditional environmental approval.
Meanwhile, the dollar fell to a fresh three-month low of US102.55¢, down from US103.01¢ on Monday.
Commonwealth Bank strategist Joseph Capurso said the currency moved lower during the afternoon session after news reports suggested North Korea might have carried out a nuclear test.
He said the next big event for the currency would be the release on Wednesday night of US retail trade figures for January. The data would give the first indication of the effect of tax hikes agreed by the US Congress at the start of January.
Bond futures prices finished Tuesday's local session slightly lower. The March 10-year bond futures contract was trading at 96.570 (implying a yield of 3.430 per cent), down from 96.580 (3.420 per cent) on Monday. The three-year contract was at 97.220 (2.780 per cent), down from 97.230 (2.770 per cent).
Westpac senior market strategist Damien McColough said: "The market's drifted off a couple of ticks but without any real material drivers . . . we're caught watching offshore and feeding off their results."
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The market finished largely flat after a volatile day — the S&P/ASX 200 was 0.5 points lower at 4,959 while the broader All Ordinaries closed up 1.2 points at 4,981.5. The All Ordinaries did push through the 5,000-point mark in early trade, but investors were largely positioning ahead of major company reports due later in the week, which kept the overall market calm.
Several big names were due to report later in the week, including Rio Tinto, Commonwealth Bank (CBA), Wesfarmers and Westfield. Analysts and investors were hoping those results would be stronger than expectations, and that anticipation helped shape trading ahead of the announcements.
Bank stocks were mixed: Commonwealth Bank (CBA) rose 40¢ (about 0.61%) to $65.52. Westpac fell 21¢ to $27.75, ANZ fell 21¢ to $27.56, and NAB was 16¢ lower at $28.93.
Resource stocks were down after falls in commodity prices. Rio Tinto fell 42¢ to $69.03, BHP Billiton dropped 12¢ to $37.59, and gold miner Newcrest fell 48¢ (about 2%) to $23.67. The Sydney spot gold price was also lower at US$1,643.30 an ounce, down US$24.91.
Industrial-equipment maker Bradken reported a first-half profit up 9% to $46.7 million. Following that result, its shares rose 67¢, or 11%, to $6.77.
Whitehaven Coal shares climbed 7.7% to $3.19 after the Maules Creek mine in NSW received conditional environmental approval. The decision was viewed positively by the market because it clears an important regulatory hurdle for the project.
The Australian dollar fell to a fresh three-month low of US102.55¢, down from US103.01¢ on Monday. Commonwealth Bank strategist Joseph Capurso said the currency moved lower in the afternoon after news reports suggested North Korea might have carried out a nuclear test. He also noted the next major influence would be US retail trade figures for January.
Bond futures finished slightly lower. The March 10‑year bond futures contract traded at 96.570, implying a yield of 3.430% (versus 96.580 implying 3.420% on Monday). The three‑year contract was at 97.220, implying a yield of 2.780% (down slightly from 97.230 implying 2.770% on Monday).
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