View Comments
ASX opens flat in lacklustre trade
ASX opens flat in lacklustre trade

UPDATE 8am: Australian shares have opened flat after better than expected Chinese trade figures balanced weak leads from Wall Street and Europe.

At 7.20am, the benchmark S&P/ASX200 index was up 1.1 points, or 0.02 per cent, at 4487.7 points, while the broader All Ordinaries index was 0.4 points, or 0.01 per cent, higher to 4510.5 points.

On the ASX 24, the December share price index futures contract was three points lower at 4485 points, with 6964 contracts traded.

IG Markets analyst Cameron Peacock said the Australian market opened slightly higher than anticipated due to stronger than expected Chinese trade figures released on the weekend.

But he said it had not led to gains for the mining giants.

“Surprisingly the materials are one of the weaker sectors,” he said.

“I would have thought the materials would have got a bit of a boost from the Chinese numbers. The Chinese surplus was stronger than expected and Chinese exports were stronger than expected.”

Chinese exports grew at roughly twice the rate expected in September.

BHP Billiton was eight cents down at open to $33.46 and Rio Tinto was flat at $56.40.

At close on Friday, the Dow Jones Industrial Average was up 2.30 points, or 0.02 per cent, at 13,328.69.

The broad-based S&P 500 lost 4.25 (0.30 per cent) to 1428.59, while the tech-rich Nasdaq added 5.30 points (0.17 per cent) to 3044.11.

London's FTSE 100 index of top companies dropped 0.62 per cent to close at 5793.32 points, while in Frankfurt the DAX 30 fell by 0.68 per cent to 7232.49 points and in Paris the CAC 40 gave up 0.72 per cent to 3389.08 points.

In economic news, the Australian Bureau of Statistics is due to release August's housing finance figures plus October's new motor vehicle sales data.

National turnover was 253.6 million securities worth $178.3 million, with 258 stocks up, 262 down and 273 unchanged.