The local sharemarket finished the session flat amid a lack of direction from Wall Street due the Thanksgiving public holiday and despite solid gains in commodity prices.
At the close of trade, the benchmark S&P/ASX200 was down 3.595 points, or 0.06 per cent, at 5982.6 points. The broader All Ordinaries index was down 4.397 points, or 0.07 per cent, at 6063.1 points.
Investors put money in defensive stocks while IT and industrials weighed on the market, ASR Wealth Advisers equities analyst Tumul Sinha said.
“Without any lead from the US market overnight, due to Thanksgiving holiday, the Australian market opened in the red this morning despite the key commodities like iron ore and crude oil noting positive gains,” he said.
“The market bounced back in the afternoon session with consumer staples gaining, however it was still dragged down by information technology and industrials.”
Woolworths put on 0.42 per cent to $26.31 while Wesfarmers added 0.75 per cent to $43.21.
In financials, NAB lost 0.61 per cent to $29.56, Commonwealth Bank shed 0.38 per cent to $80.57, Westpac drooped 0.32 per cent lower to $31.51 and ANZ lowered 0.65 per cent to $28.88.
Iron ore miners made slight gains after a 1.4 per cent surge in the price of iron ore to $US66.50 a tonne, up 13.7 per cent from the beginning of the month and 6.7 per cent from Monday.
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