KEY POINTS:
The Australian share market closed flat today as investors switched from banks into resources to cash in on stronger commodity prices.
At 1615 AEDT, the benchmark S&P/ASX200 index was down 1.4 points to 5,452.2, while the all ordinaries crept up 1.1 points to 5,432.5.
By 1620 AEDT on the Sydney Futures Exchange, the December share price index contract firmed four points to 5,450, on a volume of 9,723 contracts.
ABN Amro Morgans client adviser Margaret Morrissey said base metals, gold and oil were all stronger overnight.
"People switched out of the financial stocks back into the resource sector because of the jump in metal prices," Ms Morrissey said.
BHP Billiton firmed 10 cents to A$26.22 while Rio Tinto put on 13 cents to A$74.55.
Zinc and lead miner Zinifex, which retreated 23 cents to A$16.47, said today it may improve on last year's record net profit if zinc prices stay at current high levels.
Oil and gas producer Woodside added 33 cents, or almost one per cent, to A$36.47.
The four major banks were all weaker, led down by ANZ which lost 17 cents to A$27.96.
National Australia Bank was 16 cents poorer at A$38.30, the Commonwealth Bank eased 13 cents to A$47.68 while Westpac was seven cents worse off at A$24.24.
Australia's fifth biggest bank St George bucked the trend, adding 30 cents to A$33.85.
AWB put on six cents to A$2.86 despite the Cole commission report today recommending that 12 people - all but one of them former AWB staff - be investigated by a new taskforce for possible criminal and corporations offences over the Iraq kickbacks scandal.
All the major media stocks headed south except for takeover prospect Fairfax which gained three cents to A$5.10.
News Corp lost 37 cents to A$27.98 while its non-voting scrip reversed 43 cents to A$26.80.
Publishing and Broadcasting was 18 cents weaker at A$21.03.
In retail, Coles Myer, which today changed its name to Coles Group, celebrated with a four cent rise to A$13.63 while supermarket rival Woolworths pulled back 15 cents to A$21.49.
Telstra backtracked two cents to A$3.69 as did its instalment receipts to A$2.24.
Australia's biggest barley producer ABB Grain, which today delivered a 60 percent increase in annual net profit, was rewarded with a 15 cent lift to A$6.48.
Gaming group Tabcorp Holdings, which said it was expecting a flat first half for the year, tumbled 18 cents to A$16.59.
The price of gold in Sydney was up $US8.90 at $US640.50 per fine ounce at 1650 AEDT.
Gold miners rose accordingly, with Newcrest Mining jumping 68 cents to A$25.05, Newmont firming two cents to A$5.90 and Lihir Gold adding 15 cents to A$3.05.
The most traded stock was Perth-based explorer Western Metals, with 122.5 million shares changing hands for a total of $11.9 million.
The stock gained 0.3 cents to 9.2 cents.
Preliminary market turnover reached 1.68 billion shares worth A$3.77 billion, with 640 stocks moving up, 560 falling and 324 unchanged.
- AAP
