Australian share market opens flat

THE Australian share market opened flat as wary investors eye off Chinese currency devaluations.

Trader John Song works on the floor of the New York Stock Exchange, Thursday, Aug. 13, 2015. Global stocks are steadying as the decline in China's currency slowed and the country's central bank tried to ease fears of more big declines. (AP Photo/Richard Drew)

THE Australian share market opened flat as wary investors eye off Chinese currency devaluations.

Bell Potter Securities senior adviser Stuart Smith said while the market got off to a tentative start, it could close square. “The market’s not really sure whether the Chinese government has stopped devaluing the currency and it remains an unnerving factor particularly on a Friday,” he said.

“But our dollar is behaving quite strongly in comparison so I’m almost optimistic we should finish square.” The miners struggled to maintain yesterday’s levels, with Rio Tinto and Woodside taking early dives this morning.

AT 1030 AEST BHP Billiton gained one cent to $25.52, however Rio shed 29 cents to $51.67 and Woodside Petroleum was down 64 cents to $33.42.

Atlas Iron held at three cents after posting a $1.4 billion annual loss due to massive falls in the price of iron ore.

Automotive Holdings prices received a 22 cent boost after Australia’s largest car and truck retailer lifted its full year profit 21 per cent thanks to new acquisitions and the ongoing expansion of its operations.

Automotive made a net profit of $88 million for the year to June 30, up from $72.9 million a year ago.

James Hardie dropped 16 cents having downgraded its full year guidance despite lifting its first quarter profit 27 per cent. The building products supplier made an adjusted profit of $US63.5 million ($A86.21 million) for the three months to June 30, up from $US50 million for the same period a year ago thanks to an improved performance from in its US and European operations. The banks opened mixed, with NAB up 16 cents to $32.14, ANZ down two cents to $29.74 and Westpac up 15 cents to $31.95.

The CBA remains in a trading halt following its announcement of a $5 billion capital raising.

KEY FACTS

* At 1030 AEST, the benchmark S&P/ASX200 index was up 1.4 points, or 0.03 per cent, to 5,389.3 points.

* The broader All Ordinaries index was up 1.6 points, or 0.03 per cent, to 5,390.6 points.

* The September share price index futures contract was down five points at 5,312, with 8,507 contracts traded.

* National turnover was 533.8 million securities worth $897.8 million.