THE share market closed near flat after directionless trading towards the end of the session following earlier highs.
Traders said the market was still concerned about the uncertainty over support for the central bank and IMF bailout in Europe, which took the local bourse down by over three per cent yesterday.
At 16.15 (AEST) the benchmark S&P/ASX200 index was 3.5 points, or 0.08 per cent, higher at 4470.70 points, while the broader All Ordinaries index had fallen 0.7 points, or 0.02 per cent to 4500 points.
On the Sydney Futures Exchange, the June share price index futures contract was 16 points lower at 4479 points, with 41,467 contracts traded.
RBS Morgans Brisbane private client adviser Craig Walker said the market was directionless towards its close after sea-sawing all day.
"If you look at the major contributors to the index, two of the banks are up, two of the banks are down,'' Mr Walker said.
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"BHP is performing relatively well. However, Rio is fractionally lower.
"People are now looking towards what the futures are saying in the US and as I understand they were also down a touch as well.''
The fact that the Macarthur Coal deal had fallen flat for the time being had not helped the market, Mr Walker said.
IG Markets analyst Ben Potter said that the uncertainty over support for the IMF bailout in Europe had affected markets.
"Fears in Europe continue to rattle the market,'' Mr Potter said.
Markets sift trades for cluesShares close lower on Europe debt
