THE Australian share market closed almost flat on Friday as investors stayed on the sidelines despite a positive start.
At the 4:15pm (AEST) close, the benchmark S&P/ASX200 index had fallen 3.7 points, or 0.08 per cent, to 4579.2 while the broader All Ordinaries index was 2.2 points, or 0.05 per cent, lower at 4634.7.
On the Sydney Futures Exchange, the December share price index futures contract was down one point at 4599, on a volume of 31,115.
City Index head of dealing (Asia Pacific) Michael McCarthy said the local market was again disappointing on Friday, having surrendered gains early in the session.
"We've seen a drop off in volumes today after a very active run-in to the end of month and end of quarter," Mr McCarthy said.
"There just doesn't seem to be any of the large players (investors) stepping up to the plate at the moment as we head into the most nervous month of the year (October)."
Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
Mr McCarthy said a lot of people seemed to be getting ready for the long weekend (Labor Day holiday on Monday in NSW, South Australia, ACT).
He said sectoral performance had been mixed.
"There's no investment theme emerging from today's action," he said.
Mr McCarthy said resource stocks had been the day's best performers.
Energy stocks stood out after a lift in the oil price overnight, but the banking sector was "notably weak".
In the resources sector, BHP Billiton lifted 55c to $39.46 and Rio Tinto increased 30c to $77.07.
Among the major banks, National Australia Bank fell 34c to $25.00, Westpac descended 31c to $22.93, Commonwealth Bank sagged 27c to $50.90 and ANZ lost 17c at $23.51.
Among other stocks, diversified industrial Wesfarmers nudged up 1c to $32.90 after it said December quarter prices for metallurgical coal exports from its Curragh mine in Queensland would fall by about 11 per cent in the current quarter.
Underground coal gasification company Cougar Energy slipped 0.1c to 3.9c after it formed an alliance with a Chinese investment group as part of a plan to expand its existing business in China.
Computer and office equipment financing firm ThinkSmart lifted 2c to 65c as it completed the institutional component of a $16 million equity raising, garnering $11.9 million.
Surfwear retailer Billabong International was 6c richer at $8.03 as it agreed to buy 38 retail stores including the Surf Dive 'n' Ski retail banner from the General Pants Group.
The price of gold in Sydney closed at $US1308.28 per fine ounce, down 92 US cents from Thursday's close at $US1309.20 per fine ounce.
Gold miner Newcrest Mining finished 33c up at $40.00.
The top-traded stock by volume was base metals explorer Avanco Resources, with 133.3 million shares worth $13.33 million changing hands. Avanco was 1.6 cents higher at 11c.
Preliminary national turnover was 2.15 billion shares worth $3.94 billion, with 529 stocks down, 519 up and 342 unchanged.
Foreign stock markets dipped overnight as investors weighed up further sovereign debt concerns in Europe against better than expected jobs and gross domestic product data from the United States.
On Wall Street overnight, the blue-chip Dow Jones Industrial Average index fell 47.23 points, or 0.44 per cent, to 10,788.05.
O’Charley’s stock plummetsShares down on overseas lead
