Stocks end eight-day winning streak

The local sharemarket ended the session flat as investor caution set in.

The local share market ended the session flat, bringing an eight-day winning streak to a halt. (AAP Image/Mick Tsikas)

The local share market ended the session flat, bringing an eight-day winning streak to a halt.

The benchmark S&P/ASX200 was up 0.88 points, or 0.02 per cent, at 5890.5 points, while the broader All Ordinaries index was down 3.278 points, or 0.1 per cent, at 5954.801 points.

The S&P/ASX200 gave up nearly all of a 0.3 per cent intraday rise to a fresh five-month high after losing six points in the closing single price auction.

Ric Spooner of CMC Markets described the session as a “firm but cautious day”.

“Investors are not being given as much reason to sell at an index level,” he said.

“But we are just seeing I think signs of a bit of caution after the strong rally we’ve seen over the last eight or nine days.”

In financials, NAB shed 0.09 per cent to $3.49. Commonwealth Bank added 0.15 per cent to $78.37. Westpac gained 0.35 per cent to $42.75 and ANZ edged up 0.03 per cent to $30.35.

BHP edged down 0.51 per cent to $27.17. Rio Tinto lost 0.76 per cent to $70.92 and Fortescue fell 1.01 per cent to $4.91.

“One factor that is influencing that caution was the selling in copper and other metals prices overnight, which has seen the mining stocks retreat today,” Mr Spooner said.

“That has not been helped by news that the securities commission in the US are suing Rio Tinto for fraud.”

Elsewhere, AGL gained 2.11 per cent to $24.20. Mr Spooner said the uptick comes “as the market begins to digest the government’s new proposal for energy policy”. Origin Energy edged 0.14 per cent lower to $7.38.

Brambles grew 0.76 per cent higher to $9.33 after the company announced it had boosted its first quarter sales by 6 per cent, compared to the corresponding quarter last year.

The company’s pallet and RPC businesses have expanded in Europe and are making good progress in emerging markets such as Latin America, chief executive Graham Chipchase said.

Crown plunged 4.34 per cent to $11.24, its lowest level this year, after Independent MP Andrew Wilkie tabled allegations in parliament that the casino operator tampered with poker machines and encouraged money laundering.

Mr Wilkie said that if the allegations are true, Crown could have facilitated money laundering for a number of reasons, such as tax fraud, drug trafficking and terrorism.