Local stocks flat on signs of weak US trading

Local stocks flat on signs of weak US trading

Local stocks closed flat today, as early indications of a weak day of Wall Street trading wiped out earlier gains, according to CommSec.

The All Ordinaries Index grew 3.9 points by the day's close to 4727.3, but did not make back the 34-point decline from yesterday.

Mining stocks continued the decline that started with the cancellation of the Rio-Tinto (ASX:RIO) and BHP Billiton (ASX:BHP) joint venture yesterday, with RIO shares slumping 0.46% to $82.60. BHP shares were down by up to 0.5%, but nearly made up these losses to close 0.05% lower at $41.16.

Overall 3.03 billion shares, worth a combined $5.6 billion, were traded on the ASX during the day.

The Australian dollar rose to highs of 99.42 US cents, as the reserve bank released minutes concluding that it would be appropriate to hold the cash rate steady for the time being.

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Tags BHP BillitonAustralian dollarrio tintostock marketcurrency exchange ratesratesAll OrdinariesASX:RIOASX:BHP

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