The West

The Australian sharemarket has closed flat.
The Australian sharemarket has closed flat.

The Australian market looks set to open flat following a mixed performance on Wall Street ahead of consumer confidence and housing data and in anticipation of a US Federal Reserve monetary policy meeting.

At 3.44am, the March share price index futures contract was up one point at 4855.

In economic news, the Australian Property Institute is scheduled to release its residential property outlook for 2013.

In equities news, the second Hastie Group creditors meeting, expected to go for two days, is due to begin in Melbourne, Sydney, Perth and Adelaide.

Legal firm Jones Day is to host a seminar in Sydney on Australia's foreign anti-bribery legislation and its relevance to the resource sector, while Wesfarmers is expected to release its second quarter sales results.

Yesterday the market closed higher, with investors encouraged by the recent strength of global markets.

On Tuesday, the benchmark S&P/ASX200 index rose 53.8 points, or 1.11 per cent, to 4889.0 points - its highest close since April 2011.

The broader All Ordinaries index was up 51.9 points, or 1.07 per cent, to 4910.8 points.

The West Australian

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