The Australian share market is slightly weaker amid few offshore leads with the US closed for the Thanksgiving public holiday.
The local market’s relatively flat open continues a trend of recent weeks.
However, the market has fallen more than 1.5 per cent in November – the first monthly loss since June.
“Investors appear to have decided the Australian market is a hold,” CMC Markets chief market analyst Ric Spooner said.
“People are not really seeing enough value to be aggressive buyers of things – other than selected situations – but nor do they feel like getting out.”
Financial stocks were weaker led by the big banks.
Commonwealth Bank had fallen 45 cents to $77.57, Westpac had dropped 17 cents to $32.83, National Australia Bank shed 7.0 cents to $34.47 and ANZ gave up 13 cents to $31.91.
Among the big miners, market heavyweight Rio Tinto was making news, announcing it would suspend operations at its loss-making Northern Territory alumina refinery, which employs 1,500 people.
It’s also announced it could expand its Pilbara iron ore production for less than previously thought.
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ITs shares gained $1.62, or 2.5 per cent, to $66.04.
Meanwhile, Fortescue Metals was 7.0 cents, or 1.2 per cent, higher at $5.72 and BHP Billiton was 21 cents stronger at $37.40.
GrainCorp shares were not trading at open, following federal treasurer Joe Hockey’s announcement the government would not allow US giant Archer Daniels Midland’s proposed 100 per cent takeover of the company to proceed.
Pre-market trade suggests GrainCorp shares could fall markedly when they resume trading, expected to be at 1140 AEDT.
They last traded at $11.20.
