Share market flat at the open

THE Australian share market has opened flat despite stocks in the United States posting their longest winning streak in more than 16 years.

Lonsec senior client adviser Michael Heffernan said a strong rise for Myer shares was a highlight of an otherwise lacklustre open to the day's trading. The retailer posted a better than expected first half profit of $88 million.

"The market has greeted it particularly well," Mr Heffernan said. "Given the equanimity of world markets last night, we were going to be in the green when we started. and Myer has added a bit of fuel to the fire."

Myer shares climbed 14 cents to $3.04.

In the resources sector, global miner BHP Billiton fell 46 cents to $35.45, and Rio Tinto reversed $1.10 to $61.00.

The major banks were mixed, with National Australia Bank dipping 22 cents cents to $30.73, ANZ added three cents to $28.51, Commonwealth Bank lifted 15 cents to $69.53, and Westpac eased nine cents to $30.41.

Freight rail operator Aurizon gained 4.5 cents to $4.015 after it won a coal haulage contract in Queensland with mining giant Xstrata.

On Wall Street, the benchmark Dow Jones Industrial Average notched its ninth gain in a row, giving the index its longest winning streak since 1996.

KEY FACTS

* At 10.24am AEDT, the benchmark S&P/ASX200 index was up five points, or 0.1 per cent, at 5097.4 points.

* The All Ordinaries index was up three points, or 0.06 per cent, at 5107.4 points.

* The March share price index futures contract was down three points at 5096 points, with 10,549 contracts traded.

* National turnover was 235.03 million securities worth $517.5 million.

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