Derek Rose
(Australian Associated Press)

 

The Australian share market has finished flat after a session in which the big banks gained and the miners lost ground, a reversal of recent patterns.

The benchmark S&P/ASX200 index closed up 1.7 points, or 0.03 per cent, to 6,223.5 points at 1615 AEST on Wednesday, while the broader All Ordinaries was up one points, or 0.02 per cent, to 6,316.5.

Still, Julia Lee, equities market analyst with Bell Direct, said it wasn’t a bad day given the negative lead-in from the United States, where the S&P 500 slipped 0.61 per cent.

Tech stocks were the biggest gainers, up 0.53 per cent, with Afterpay Touch up 1.5 per cent to $25.03, Computershare up 0.63 per cent to $17.52 and Xero up 0.84 per cent to $51.40

Industrials, consumer staples and property trusts also saw gains.

Crown Resorts fell 9.11 per cent to $12.77 after Wynn Resorts said it had scrapped its takeover bid for the James Packer-controlled company after it leaked.

Still Crown is up about a dollar from where it was trading before news of the possible acquisition leaked on Tuesday.

The big banks were all in the green, led by Commonwealth, up 0.71 per cent to $70.75.

Westpac was up 0.23 per cent, NAB up 0.16 per cent and ANZ up 0.12 per cent.

Miners lost ground, down 0.33 per cent collectively, with BHP down 0.35 per cent to $39.89, South32 down 1.86 per cent to $3.70 and Fortescue Metals down 0.37 per cent to $8.17.

Rio Tinto gained ground, however, moving up 0.25 per cent to $101.83.

The energy segment fell 0.72 per cent as a whole after oil prices edged lower overnight.

Santos, Woodside Petroleum, Oil Search and Origin Energy were down between 0.43 per cent and 1.1 per cent.

Michael Hill shares dropped 8.21 per cent to 61.5 cents after the jewellry retailer said its Australian sales were still slipping.

Trading volumes were light with Victoria on school holidays.

After the markets closed, Lynas Corp reiterated in a letter to shareholders that it wouldn’t engage with Wesfarmers on its $2.25-a-share takeover proposal, saying the offer undervalued the rare earth miner.

The Aussie dollar is buying 71.48 US cents, from 71.44 US cents on Tuesday.

ON THE ASX:

* The benchmark S&P/ASX200 index was up 1.7 points, or 0.03 per cent, to 6,223.5 points at 1630 AEDT on Wednesday.

* The All Ordinaries was up one points, or 0.02 per cent, to 6,316.5.

* At 1630 AEDT, the SPI200 futures index flat at 6208.

CURRENCY SNAPSHOT AT 1630 AEDT:

One Australian dollar buys:

* 71.48 US cents, from 71.44 US on Tuesday

* 79.44 Japanese yen, from 79.55

* 63.41 euro cents, from 63.41

* 54.68 British pence, from 54.57

* 105.85 NZ cents, from 105.81