The Australian Market Slides Into A Flat Close

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The Australian market flatlined today after a slightly weaker Wall Street and poor economic news from Europe.

An influential monthly survey of business confidence in Germany, Europe’s largest economy, fell short of expectations. The DAX was down 1%.

Australian shares fell for only the second time in 11 days, with the ASX 200 down by just 0.12%. Still, local stocks are close to one month highs even with the weaker close today.

Energy stocks were hammered, with Oil Search down more than 9% to $0.03, Origin Energy down 1.59% to $14.30 and Woodside down 1.54% to $39.53.

The major banks were either flat or slightly ahead. Westpac led the group, closing up 0.95% to $34.89.

In resources, BHP was down 1.33% to $33.36 and Rio Tinto 1.3% to $59.01.

Investors continued the love for Qantas, rising more than 7% today to $1.61 after putting on 5% on Monday. The stock has risen in price by more than 25% in two weeks.

In the region, Japan’s Nikkei was down -0.7%, Shanghai was up 1.2% and Hong Kong’s Hang Seng firmer by 0.6%.

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