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Investors cautious ahead of US Federal Reserve meeting
Wednesday, 16 Mar 2016 15:43:38 | Elysse Morgan
Pedestrians are reflected in the window of the Australian Securities Exchange (ASX) next to a board displaying stock prices in Sydney on September 24, 2014. (Reuters: David Gray)
The share market has ended the day almost flat, as investors remain cautious ahead of the US Federal Reserve's rate decision tonight.
The ASX 200 added 0.1 per cent to 5,119 and the All Ordinaries matched that gain to finish at 5,175.
The amount of activity was well down as investors await the Federal Reserve's meeting.
No one expects the Fed to put up rates again. Markets are waiting on economist Janet Yellen's missive on how confident she is feeling about the US economy's recovery.
Gains in bank stocks offset losses among the miners after commodity prices dropped overnight.
The iron ore price rocketed last week, up 19 per cent in one day alone, however, sense has since returned and it has now fallen for six straight days.
It was down again overnight, back to $US51.70 a tonne, putting pressure back on mining stocks.
BHP Billiton lost 1.5 per cent today, while Rio Tinto lost 0.7 per cent.
Fortescue continues to retreat, down another 4.3 per cent to $2.43.
The big standout was Whitehaven Coal, which bounced 10 per cent to 7 cents a share.
Banks really carried the market today, with NAB leading the big four up 1 per cent.
Telstra also rose, up 0.2 per cent, following the announcement that the former head of Nokia is joining the telecommunications company.
Stephen Elop oversaw Nokia's ill-fated decision to link itself to Microsoft's phone software. He is now strategy chief for Telstra.
Just before 5:00pm (AEDT), oil was slightly higher at $US36.27 a barrel and gold was flat at $US1,233 an ounce.
At the same time, the Australian dollar was treading water ahead of the Fed decision, at 74.5 US cents.
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