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The Australian share market has regained some ground since midday, but closed flat despite receiving a mostly positive set of leads from offshore trading, with base metals prices higher in afternoon trade. The benchmark S&P/ASX200 index was flat at 4,820 points, while the broader All Ordinaries index edged down 0.01 percent to 4,829.8 points.

The Westpac–Melbourne Institute Consumer Sentiment Index increased 0.2 percent in March, to 117.3 from 117.0 in February, with strong labour market and higher Australian dollar offsetting the fourth rise in interest rates. On the other hand, housing finance figures revealed a surprise fall in housing finance in January.

The big four banks had all improved since midday, as investors moved into defensive sectors. ANZ Banking Group climbed out of the red, picking up 0.50 percent to $23.94 after it received regulatory approval to complete its acquisition of Royal Bank of Scotland's businesses in Singapore and Taiwan. National Australia Bank also regained some ground, but still finished 0.26 percent lower at $26.80. Commonwealth Bank of Australia and Westpac Banking Corp. both held onto opening gains, rising 0.86 percent to $55.69 and 1.33 percent to $27.33.

Iron ore producers came under pressure today as Atlas Iron said it will sell about 70% of its iron ore production on a so-call “mutual fairness” basis, where mills pay the midpoint between the annual contract and the cash price. The spot market price of ore delivered to China rose to the highest in more than a year last week, currently 20 percent above the benchmark. By contrast, BHP Billiton and Rio Tinto Group are pushing for steelmakers to buy less ore under annual contracts. Iron ore shipments from Australia’s Port Hedland dropped from 15.1 million tons in January to 13.05 million metric tons in February. BHP Billiton fell 0.36 percent to $43.24, while rival Rio Tinto dropped 1.05 percent to $75.35. Fortescue Metals Group also lost 0.41 percent to $4.82. Atlas, which agreed to buy Aurox Resources for $143 million, rose 4.5 points or 0.045 percent to $2.31.

Online employment agency Seek has increased its presence in Asia after paying $23.5 million to more than double its stake in Malaysia-based jobs website JobStreet from 10.1 percent to 21.3 percent. SEK rose 0.8 percent to $7.61.

Aristocrat Leisure Ltd chairman David Simpson has announced his intention to retire along with two other directors. Aristocrat is expecting to announce Mr Simpson’s successor towards the end of 2010, and was also searching for an additional director to fill the casual board vacancy created by his retirement. ALL rose by 0.9 percent to $4.46.

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