Australian stock market july 6 2011 opened flat

Australian stock market july 6 2011 opened flat : THE Australian stock market opened flat in quiet trading today as investors awaited key US economic data later this week. The benchmark S&P/ASX 200 index was up 1.7 points, or 0.04 per cent, at 4599.80, while the broader All Ordinaries index had risen 0.3 of a point (0.01 per cent) to 4657.20.

The best-performing sector in early trade was information technology, up 0.84 per cent according to IRESS data.

Financial stocks (down 0.21 per cent) and utilities (off 0.33 per cent) were among the more significant sectors in decline.

IG Markets research analyst Ben Potter said the Australian market continued to underperform offshore bourses, as uncertainty surrounding a potential price on carbon kept investors on the sidelines.

"The US market went up 6 per cent last week," Mr Potter said. "The best we could do was about 1.8 per cent.

"It really is quite a sick story for the Australian market at the moment. There is just no interest as people don't see any catalyst to be involved in equities locally."

Mr Potter said market players were looking to the release of US non-farm payrolls data later in the week.

Wall Street finished mixed overnight: the Dow Jones Industrial Average and S&P 500 closed lower, but the Nasdaq managed a small gain.

Major commodities such as oil, gold and copper settled higher.

In today's market news, Telstra announced a series of new executive positions and some organisational changes to position the company for the national broadband network and to facilitate a customer focus - the telco's shares rose 1c at $2.95.

National turnover in Australia was 299.9 million securities worth $632.4m, as 351 stocks rose, 281 slipped and 281 were unchanged.