Flat start to week for Oz market

The Australian stock market closed flat after overseas bourses failed to inspire investors with a strong lead.

The Australian stock market closed flat after overseas bourses failed to inspire investors with a strong lead.

Key indices were in the green towards market close but finished lower after a sell-off late in the session.

The benchmark S&P/ASX200 index ended down 7.6 points, or 0.18 per cent, at 4262.8 points, while the broader All Ordinaries index shed 5.5 points, or 0.13 per cent, to 4355.2 points.

The June share price index futures contract was 14 points lower at 4271 with 24,926 contracts traded.

Stocks that enjoyed a fairly solid run when the Australian dollar slid last week, including Resmed and News Corp, underperformed yesterday.

Resmed was 3c softer at A$3.02 while News Corp was 5c cheaper at A$19.20.

Market heavyweight BHP Billiton was down 21c at A$34.19, but Rio Tinto found 5c to A$63.75.

The big four banks were higher by between 0.25 and 0.65 per cent, with Commonwealth Bank in the lead.

Market turnover was 2.05 billion shares worth A$3.35 billion, with 541 stocks up and 508 down.