Australian markets end flat

ASXThis week, the Australian markets have ended flat, without showing much of a movement during the week.

The lackluster trend appeared after the worries about the sovereign debt situation of Greece. It pushed the markets down. Since this is the final week of the earning season, the investors lost their confidence as some companies gave cautious outlook.

But the positive US data had its impact and did not let the markets fall too low.

It was finance stocks which performed the best during the week. In that too it was the Australia and New Zealand Banking Group which stood out. After reporting a profit of $1.6 billion, its shares rose by 5.37 per cent to close at $23.14. The others that did well were National Australia Bank, Commonwealth Bank of Australia and Westpac Banking Group.

The markets were also affected by the news relating to mining. While the news for recovery was good, many mining companies went down because of the consolidation processes. In the top mining players, BHP Billiton went up by 0.24 per cent to reach $41.10 for the week. While its rivals Rio Tinto, Fortescue Metals Group fell by 0.7 per cent and 4.9 per cent respectively.