Australian share market is flat

THE Australian share market is flat in early trade as the banks offset losses in the minerals sector.

Trader Kevin Lodewick, center, works on the floor of the New York Stock Exchange, Monday, Nov. 2, 2015. Stocks opened slightly higher on Wall Street as the market comes off its biggest monthly gain in four years. Health care stocks were among the early winners. (AP Photo/Richard Drew)

THE Australian share market is flat in early trade as the banks offset losses in the minerals sector.

Despite ANZ entering ex-dividend territory, its three fellow big banks were up.

“We did see quite a heavy sell-off there in the banks (yesterday) so if investors are keen to come back in and start picking up some of the stocks again that could be seen as a positive and that could really help move the index,” IG Markets analyst Angus Nicholson said.

Commonwealth Bank led the group, up 41 cents at $76.26, while Westpac was 34 cents higher at $31.45 and National Australia Bank had risen 19 cents to $28.75 at 1026 AEDT.

ANZ fell 91 cents to $25.75 on ex-dividend.

On the back of losses in overseas markets overnight, particularly in commodities, Australian mineral stocks were feeling the pain.

BHP Billiton was down 80 cents to $22.48, on the back of falls in the Iron Ore price and the news a mudslide at their Brazilian dam had engulfed several houses and possibly injured people. Rio Tinto was also down, 80 cents worse off at 49.35, while Newcrest lost 12 cents to $11.77.

With oil lower as traders fear oversupply, Woodside Petroleum was down 82 cents at $29.81.

Also feeling the pain, Santos fell 15 cents to $5.86, and Origin shed 8 cents to $5.37.

Announcing a 15 per cent slide in first quarter earnings, News Corp fell 9 cents to $21.62.

KEY FACTS

* At 1026 AEDT on Friday, the benchmark S&P/ASX200 index was down 1.0 point, or 0.02 per cent, at 5,192.0 points.

* The broader All Ordinaries index was up 0.4 points, or 0.01 per cent, at 5,5248.3 points.

* The December share price index futures contract was up three points at 5,189 points, with 10,309 contracts traded.

* National turnover was 407.6 million securities worth $853.9 million at 1045 AEDT.