Disappointing earnings weigh on market
The share market is flat as disappointing earnings from National Australia Bank and gold miner Newcrest offset gains in the retail and energy sectors.
"Corporate results have dominated the early morning headlines," CMC Markets sales trader Niall King said.
"Writedowns from Newcrest are weighing on the gold miner, while a third quarter update from NAB citing lower markets income has seen the bank slump deep into the red early on."
Newcrest shares were down nine cents at $11.11 after it posted a $2.2 billion full year loss due to $2.4 billion in asset impairments, mainly on its Lihir operations in Papua New Guinea.
NAB was down 45 cents at $34.24 as it warned it faces another STG245 million hit to its books from its troubled UK business.
Among the other banks, Westpac was down 17 cents at $33.92, ANZ was down seven cents at $32.32 while Commonwealth was up 2.5 cents at $81.225.
In the resources sector, BHP Billiton had added 11 cents at $39.16, but Rio Tinto was down five cents at $65.24.
Energy companies were stronger, with Woodside 28.5 cents higher at $42.715 and Origin Energy 11.5 cents higher at $14.175.
Major retailers were among the market's better performers, with Woolworths up 26 cents at $36.38, Coles owner Wesfarmers up 14 cents at $43.70 and Coca-Cola Amatil six cents higher at $9.61.
KEY FACTS
At 1211 AEST on Monday, the benchmark S&P/ASX200 index was up 3.7 points, or 0.07 per cent, at 5,570.2.
The broader All Ordinaries index was up 4.9 points, or 0.09 per cent, at 5,564.5.
The September share price index futures contract was up eight points at 5,514 with 14,395 contracts traded.
National turnover was 907 million shares worth $1.3 billion.
