PERTH: The Australian sharemarket is flat at noon, as weak financial stocks offset a lift in the mining and energy sectors.
At 12.05pm (AEST), the benchmark S&P/ASX200 index added 4.4 points, or 0.08 per cent, to 5,666.7, and the broader All Ordinaries index gained 5.1 points, or 0.09 per cent, to 5,668.7.
Energy stocks were stronger today, after global oil prices surged 3 per cent overnight, as falling US crude stockpiles and production stirred expectations of an easing in the supply glut.
The mining sector was also firm at noon, despite the price of iron ore declining for an eighth straight session in offshore trade.
The local market was looking set to finish the week in the red, after falling for three straight days from Monday to Wednesday, but IG market strategist Evan Lucas said the bourse wasn’t likely to fall much further.
“The ASX appears to be settling on a new support level at 5610 points,” Mr Lucas said.
“It has crossed that level twice but found exhaustion as the buying overwhelmed the bears. The main reasoning for the index collapse in the past six week has been the banks and they continue to pull the ASX into a new trading range.”
The financial sector was holding the sharemarket back from a second day of gains today, with all four of the big banks weaker at noon.
“Until the banks find support, the ASX will remain under pressure and that seems to be holding true,” Mr Lucas said.
Energy stocks led the market higher, adding 1.24 per cent as a sector.
Oil Search rallied 0.88 per cent to $7.455.
