Australia market ends flat

Australian share market closed virtually flat after recouping lost ground late afternoon on Tuesday, 15 July 2014. The ASX sectors ended mixed, with shares in material, realty, energy and consumer staple companies being the biggest gainers, while bullion, technology, industrials and financial stocks suffered notable losses. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index each fell marginally 0.10 point to 5511.30 and 5495.70, respectively.

The minutes of Reserve Bank of Australia monthly board meeting released on Tuesday, indicated it will leave interest rates unchanged for some time, although there are ongoing concerns about non-mining growth and the high Australian dollar. The RBA said that the most prudent course to follow was likely to be a period of stability in interest rates. It left the cash rate unchanged at 2.5% after that meeting. The subtle change in language from the June minutes - when it said the current accommodative stance of policy was likely to be appropriate for some time yet.

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