Australian shares slipped today, weighed down by Telstra and a weaker mining sector hurt by soft copper and iron ore prices.
The benchmark S&P/ASX200 index slipped 3.1 points, or 0.1 per cent, to 4716.6, while the broader All Ords lost 2.7 points, or 0.1 per cent, to 4743.
Among the sectors, materials lost 0.2 per cent, industrials fell 0.5 per cent, telcos dropped 1.3 per cent, while financials ended flat, gold gained 0.8 per cent and energy stocks added 0.6 per cent.
"The local market has been treading water all day and remains relatively flat. Once again there is no dominant theme in place," said IG Markets analyst Stan Shamu.
Investors showed little reaction to news Rio Tinto plans to boost iron ore output by 15 per cent this year, with the shares ending off 0.1 per cent.
In its quarterly production report, the global miner said production in 2012 climbed to 253 million tonnes, beating its own guidance, as resurgent Chinese demand drives a price recovery.
BHP also slipped 0.1 per cent, while Fortescue dropped 1.9 per cent. Both miners are scheduled to report production figures next week.
The big banks ended mixed, with ANZ and CBA both 0.2 per cent higher, while NAB lost 0.1 per cent, while Westpac fell 0.5 per cent.
Shares in Billabong surged 16 per cent to 98 cents after the struggling surfwear company received a second takeover proposal.
Billabong received an offer from a consortium led by San Francisco-based private equity firm Altamont Capital Partners and clothing group VF Corp worth $1.10 per share. That matches a $556 million bid led by Billabong's US boss, Paul Naude, and New York-based private equity firm Sycamore Partners.
BusinessDay with agencies