Australian share market flat at noon

AUSTRALIAN shares were flat at noon, falling back from early gains as nervous investors await further direction from offshore. All eyes will be on US Federal Reserve chairman Ben Bernanke, who is scheduled to give a speech after the local market closes. At 1200 AEST, the benchmark S&P/ASX200 index was down 1.8 points, or 0.04 per cent, at 4211, while the broader All Ordinaries index was 0.9 of a point, or 0.02 per cent, lower at 4279.6. On the ASX 24, the September share price index futures contract lost 17 points at 4,197, with 19,367 contracts traded. MF Global head of Australian equities Sam Willis said investors were nervous and unsure which way the market would turn ahead Dr Bernanke's speech at a meeting of the world's central banks Friday (US time). There's speculation he will offer hints as to how the Fed may act to stimulate the ailing US economy. Start of sidebar. Skip to end of sidebar. End of sidebar. Return to start of sidebar. "The market's quite flat today," Mr Willis said. "What you're seeing today is people covering shorts and selling longs so they can have a neutral position and then they can reassess their trading stance on Monday when the outcome of Bernanke's comments will be known." Making news today, ASX Ltd shares rose 22 cents to $29.49 after it appointed Elmer Funke Kupper as its next chief executive to replace Robert Elstone. Fairfax Media Ltd shares rose 5.5 cents, or 7.1 per cent, to 83 cents after it posted a full year loss of $390.9 million in fiscal 2011. Lend Lease Group lost 24 cents, or 2.9 per cent, to $7.95 after reporting an increased full year profit of $492.8 million and saying it's well placed to deliver growth despite the global uncertainty. The major banks were higher, with National Australian Bank up 13 cents at $23.20. ANZ was up nine cents at $19.97, Westpac was 17 cents stronger at $20.17 and Commonwealth Bank gained five cents to $47.54. Among the miners, BHP Billiton was up 15 cents at $38.76 and Rio Tinto had lost 39 cents to $69.34. The price of gold in Sydney was $US1762.8 per fine ounce, up $US17.10 from yesterday's local close at $US1745.70. National turnover was 906.3 million shares worth $3.7 billion, with 358 stocks up, 404 down, and 314 steady.