SYDNEY, June 18 (Xinhua) -- The Australian share market has opened flat on Tuesday, with a dip in oil and other commodities weighing on the local index.
At 10:50 (AEST), the benchmark S&P/ASX 200 index was up 6.10 points or 0.09 percent at 6,537.00, while the broader All Ordinaries index lifted 6.00 points or 0.09 percent at 6,615.40.
With currencies, shares and bonds trading in reduced ranges overnight in the lead up to this week's U.S. interest rate decision, CMC Markets' chief market strategist Michael McCarthy told investors in a morning note, that on balance last night's moves were mostly "pro-growth."
"Bonds fell slightly, and tech stocks led markets to modest gains, but weaker volumes illustrated a lack of commitment. Unsurprisingly futures markets are pointing to a muted Asia Pacific opening," he said.
"Movement in commodities could drive markets today. Iron ore prices slipped 2.5 percent yesterday after a stellar run higher. Crude oil fell around 1.5 percent overnight. Continued weakness may put pressure on commodity currencies like the Australian dollar, as well as the energy and materials sectors."
In financials, Australia's big banks saw mixed results with the Commonwealth Bank up (1.02 percent), Westpac Bank unchanged (0.00 percent), National Australia Bank down (0.09 percent) and ANZ up (0.07 percent).
Mining stocks varied with BHP down (0.13 percent), Rio Tinto up (0.03 percent), Fortescue Metals down (1.06 percent) and gold miner Newcrest up (1.07 percent).
The country's oil and gas producers also had mixed messages from investors with Woodside Petroleum down (0.03 percent), Santos up (0.36 percent) and Oil Search up (0.29 percent).
Australia's largest supermarket chains rallied with Wesfarmers up (0.78 percent) and Woolworths up (0.46 percent).
While telecommunications giant Telstra dived (0.78 percent), the national carrier Qantas fell (0.79 percent) and biomedical firm CSL jumped (0.72 percent).
