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Australian Stock Report Market Wrap Up: Local shares finish on a flat note

Announcement posted by de2 Communications 10 Mar 2016

10 March 2016 - SYDNEY - It was a frustrating day on the local sharemarket today, with the index finishing essentially flat after turning lower and giving up earlier gains.

“It was a particularly choppy session, with neither the bulls nor bears able to gain the upper hand,” said Chris Conway, Head of Research at the Australian Stock Report.

The oilers were mixed, failing to capitalise on a strong move higher in oil prices overnight. Oil Search (OSH) and Santos (STO) were up around 1% each, whilst Woodside (WPL) couldn't even manage a gain, giving up 0.6%.

According to Conway, the banks were equally mixed, Commonwealth Bank (CBA) and Westpac (WBC) lost 0.2% and <0.1% respectively, whilst ANZ Banking Group (ANZ) and National Australia Bank (NAB) added 0.4% and <0.1% respectively.

The theme continued amongst the major miners with BHP Billiton (BHP) down 0.9%, Rio Tinto (RIO) up 1% and Fortescue (FMG) dead flat.

After all that, it should come as no surprise that the ASX 200 closed just slightly lower.

Looking ahead, tonight (Australian time) is shaping up as an important session, with all attention turning to Europe and the European Central Bank decision.

Markets are hoping that ECB president Mario Draghi will announce something that will fire up the markets.

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