The Australian share market closed flat after earlier gains were whittled back despite gains in resources sector gains and a positive lead from Wall Street.
At 4.15pm (AEST), the benchmark S&P/ASX200 index was up 3.3 points, or 0.09 per cent, at 3,877.3 points, while the broader All Ordinaries index advanced 2.9 points, or 0.07 per cent, to 3875.2 points.
On the Sydney Futures Exchange, the September share price index contract was 12 points lower at 3,849 on a volume of 19,676 contracts.
Ord Minnett private client adviser Jon Hancock said a post June 30 market malaise had produced a quiet trading day for brokers.
"All the rush has been getting clients to take up their rights in Rio and share purchase plans in ANZ," he said.
The local market was following a positive lead fromn Wall Street and stronger copper price in offshore trading overnight.
Mr Hancock said BHP Billiton and Rio Tinto rebounded on Thursday.
BHP Billiton finished up 40 cents, or 1.18 per cent, at $34.30, while Rio Tinto gained 15 cents, or 0.29 per cent, to $51.75.
Rio Tinto successfully completed the UK leg of its $US15.2 billion ($A18.78 billion) equity raising after its largest shareholder ended speculation to take up its full entitlement.
Aluminum Corporation of China (Chinalco) took up its full entitlement despite fears it may snub the offer, after a planned $US19.5 billion ($A24.09 billion) deal with Rio Tinto fell through last month.
- AAP
