Market falls away following early surge
At the close, the benchmark S&P/ASX 200 Index was up 11.7 points, or 0.23 per cent, at 4993.4, while the broader All Ordinaries was up 10.4 points, or 0.21 per cent, at 4976.9.
Financial and energy stocks were the best performers, with other sectors mixed.
Energy company Woodside on Thursday reported a slide in revenue for the second quarter due to a drop in oil prices and lower production. Its shares fell in early trade, then rose to finish 1¢ higher at $37.46.
Fellow energy company Santos is scheduled to release its second-quarter report on Friday; its shares gained 32¢ to $14.26.
Among the banks, ANZ rose 15¢ to $28.95, Commonwealth Bank added 53¢ to $71.74, NAB gained 31¢ to $30.34 and Westpac climbed 28¢ to $29.68.
The market received a positive lead from Wall Street, which rose after Federal Reserve chairman Ben Bernanke said the Fed's policy on tapering its bond-buying program was not on a "preset course".
"The ASX 200 again flirted in early-5000 territory at the open, losing momentum almost as quickly, and found itself plateauing for the rest of the afternoon to secure modest advances," CMC Markets sales trader Betty Lam said.
"Financial and energy stocks are finding the most support ... as they fight to keep the market's head above water."
Woolworths lost 37¢ to $33.32 after revealing its home improvement division would post a bigger than expected loss of $139 million in the 2012-13 financial year.
Rail operator Aurizon outlined more plans to cut jobs as it seeks to achieve savings of $230 million in the next two years. Aurizon gained 16¢ to $4.55.
Meanwhile, the dollar fell after Chinese Finance Minister Lou Jiwei said the country's economy would be unlikely to receive a big stimulus this year.
Late on Thursday the dollar was buying US91.52¢, down from Wednesday's US92.08¢.
CMC Markets foreign exchange dealer Tim Waterer said the news reawakened fears of a slowdown in Australia's main trading partner.
"The Australian dollar's certainly very hypersensitive to any news coming out of China," he said.
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The ASX 200 briefly pushed above the 5000 mark at the open but lost momentum and plateaued in afternoon trade, ending only slightly higher. CMC Markets said financial and energy stocks provided the most support as the market struggled to sustain its early gains.
At the close the benchmark S&P/ASX 200 Index was up 11.7 points (0.23%) at 4993.4, and the broader All Ordinaries was up 10.4 points (0.21%) at 4976.9.
Financial and energy stocks were the best performers. Major banks climbed: ANZ rose 15¢ to $28.95, Commonwealth Bank added 53¢ to $71.74, NAB gained 31¢ to $30.34 and Westpac climbed 28¢ to $29.68.
Woodside reported a slide in revenue for the second quarter attributed to lower oil prices and reduced production. Its shares fell in early trade but finished 1¢ higher at $37.46.
Santos is scheduled to release its second-quarter report on Friday. Ahead of that, its shares gained 32¢ to $14.26.
Woolworths fell 37¢ to $33.32 after revealing its home improvement division would post a bigger-than-expected loss of $139 million in the 2012–13 financial year.
Aurizon outlined additional job cuts as part of plans to achieve $230 million of savings over the next two years. The company's shares rose 16¢ to $4.55.
Wall Street provided a positive lead after Fed chairman Ben Bernanke said tapering bond-buying wasn’t on a "preset course," which helped sentiment. At the same time, Chinese Finance Minister Lou Jiwei said a big stimulus was unlikely this year, which weighed on the Australian dollar — it was trading at US91.52¢, down from US92.08¢ — and prompted comments that the AUD is very sensitive to China news.
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