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The Australian sharemarket closed flat today following a mixed lead from United States markets and little local news to drive investor interest.
CMC Markets senior dealer Dominic Vaughan said the local bourse had a quiet day.
"The market's still relatively nervous. There wasn't much of a lead out of the US on Friday night," he said.
Mr Vaughan said investors were still nervous about global credit risks and the health of the global economy.
"We need to see some positive nights out of the US before we get any further lead from our market," he said.
At the 1615 AEDT close, the benchmark S&P/ASX200 index was up 0.4 points at 6533.5, while the All Ordinaries added 3.6 points to 6597.2.
On the Sydney Futures Exchange at 1615 AEDT, the December share price index contract was seven points lower at 6561, on a volume of 21,047 contracts, according to preliminary calculations.
The media and gaming companies created from the split of Publishing and Broadcasting began trading today.
Investors were rewarded with a 49 cent premium to the last traded price of PBL shares when the value of the shares in the new companies was added to the A$3.00 in cash that PBL shareholders also received for each PBL share.
Gaming firm Crown finished at A$14.27, and media company Consolidated Media Holdings Ltd closed at A$4.02.
PBL shares last traded at $20.80 on Friday.
Among the major banks, the National Australia Bank rose 50 cents to A$38.80, and Commonwealth Bank nudged up one cent to A$59.66. But Westpac eased 13 cents to A$28.20, and ANZ dropped 31 cents to A$27.85.
On Wall Street on Friday, the Dow Jones industrial average gained 59.99 points to 13,371.72 on rising expectations of another cut in interest rates this month.
Consolidated Media Holdings Ltd closed at A$4.02. PBL shares last traded at A$20.80 on Friday. Among the major banks, the National Australia Bank rose 50 cents to A$38.80, and Commonwealth Bank nudged up one cent to A$59.66. But Westpac eased 13 cents to A$28.20, and ANZ dropped 31 cents to A$27.85. On Wall Street on Friday, the Dow Jones industrial average gained 59.99 points to 13,371.7 2on rising expectations of another cut in interest rates this month.
In the resources sector, global miner BHP Billiton was 22 cents up at A$43.20, and Rio Tinto strengthened A$1.71 to A$146.90.
Copper and gold producer Oxiana slipped four cents to A$3.89 as it said it would expand capacity at its Sepon copper project in Laos at a capital cost of US$178 million (A$201.64 million).
Oil and gas producer Woodside Petroleum was off 47 cents at A$48.02, and Santos surrendered 39 cents to A$13.91.
Cooper Energy surged 43.5 cents, or more than 60 per cent, to A$1.155 after the evaluation of a new discovery in South Australia confirmed the well was economic.
Coal seam gas explorer Metgasco ascended 10 cents to 99.5 cents after it agreed to supply gas to BP Australia's Bulwer Island refinery in Brisbane.
Telco Telstra nudged up one cent to A$4.68 as it ruled itself out of building a high-speed fibre-optic broadband network if it meant forging a joint-venture partnership with the new the federal government. Telstra's instalment receipts closed up one cent at A$3.16.
Optus-owner Singapore Telecommunications rose four cents to A$3.05.
In the media sector, Fairfax sagged one cent to A$4.73.
News Corp improved 14 cents to A$24.38 while its non-voting scrip added 35 cents to A$23.68.
Among the retailers, Woolworths lost 46 cents to A$33.39, and David Jones eased five cents to A$4.95.
In the gold sector, Newmont was 13 cents poorer at A$5.70, Newcrest backtracked 60 cents to to S$33.16, and Lihir surrendered four cents to S$3.87.
The price of gold in Sydney at 1645 AEDT was US$787.80 per fine ounce, down US$8.80 on Friday's close at A$796.60.
The top traded stock by volume was minerals explorer Chameleon Mining, with 66.48 million shares worth A$6.9 million changing hands.
Chameleon was 0.2 cents lower at 9.6 cents.
Preliminary national turnover was 1.51 billion shares worth A$5.83 billion, with 691 stocks down, 585 up and 355 unchanged.
- AAP