The Australian share market is slightly lower after strong earnings reports from major companies failed to hearten investors
At the close, the benchmark S&P/ASX200 index was down 0.3 points, or 0.01 per cent, at 5157.4 points, while the broader All Ordinaries index was down 0.6 points, or 0.01 per cent, at 5141 points.
The September share price index futures contract was four points higher at 5120 points, with 28,497 contracts traded.
National turnover was 634 million securities worth $2 billion.
Investors were subdued on Wednesday despite market heavyweight Commonwealth Bank posting a record profit of $7.68 billion.
Blood products and vaccine provider CSL also reported it had lifted its annual profit by 19 per cent to $US1.22 billion ($A1.35 billion).
CMC Markets analyst Ric Spooner said there were mixed reactions from traders.
"Neither of them were bad results," he said.
"Perhaps the guidance was not quite as strong as some people had been looking for.
The Commonwealth Bank shed 82 cents, or 1.1 per cent, at $73.73, while the other major banks made gains.
ANZ was 28 cents higher at $30.15, Westpac increased by 33 cents at $31.51, and NAB gained 26 cents at $31.32.
"Traders have compensated to some extent by buying in other banks, as people have rotated out of CBA into others," Mr Spooner said.
He said solid earnings reports were not enough to accelerate market activity.
"There's a bit more caution creeping in, and so we see a bit more profit taking in the market."
The local share market was awaiting further economic indicators from USA and China, Mr Spooner said.
"We're holding steady based on results, and I think we'll be needing a bit of direction now, from a macro point of view."
