Australian share market flat despite leadership overhaul

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SYDNEY, (Xinhua) — New Australian Prime Minister Malcolm Turnbull failed to inspire a bounce in the Australian share market on Tuesday.

The benchmark S & P/ASX200 was down 41.4 points, or 0.81 percent, to 5055.1, while the broader All Ordinaries fell 40.5 points, or 0.79 per cent, to 5080 at noon local time.

New Prime Minister Malcolm Turnbull’s rise appeared a relative factor among business groups focused on a possible first U.S. interest rate hike in nearly a decade.

“There is about zero market impact from Turnbull,” local economist Stephen Koukoulas said.

Energy stocks weighed heavily on the local market, as Woodside Petroleum gave up 0.65 percent, while Oil Search fell 2.8 percent.

Materials also dropped, with BHP Billiton falling 0.42 percent, and Rio Tinto slipping 0.85 percent.

Financials fell. The Commonwealth Bank retreated 0.54 percent while ANZ shares fell 1.19 percent.

The National Australia Bank lost 1.54 percent and Westpac gave up 1.55 percent.

Consumer staples were sluggish. Wesfarmers slipped 0.31 percent while Woolworths slipped 0.12 percent.

Qantas rose 1.53 percent and Telstra dropped 0.09 percent.

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