The Australian share market closed flat on Tuesday as investors await major economic data due later in the week.

The benchmark S&P/ASX200 index finished up 3.8 points, or 0.08 per cent, at 4,655.7 points, while the broader All Ordinaries index was 3.9 points higher, or 0.08 per cent, at 4,727.3 points.

On the Sydney Futures Exchange, the December share price index contract was 17 points higher at 4,672 points, with 33,401 contracts traded. On the S&P/ASX50, around 12 stocks fell for every seven that rose.

Local banks closed mixed on Tuesday. ANZ closed up 15 cents to 23.73 and Westpac was 10 cents higher at $22.73, Commonwealth Bank was steady at $50.65 and National Australia Bank was down three cents at $25.29. The major miners were mixed.

BHP Billiton closed down two cents at $41.12, while Rio was down 38 cents, or 0.46 per cent, at $82.60.

Fortescue Metals was up five cents at $6.36. China is scheduled to release important economic data on Thursday including gross domestic product for the September quarter.

In market news on Tuesday, OZ Minerals said it has examined three or four investment opportunities in the past five months to the point of proceeding to due diligence.

OZ Minerals also reported copper production during its third quarter was on track to meet full year forecasts, and annual gold output was expected to exceed guidance.

OZ Minerals closed down 0.5 cents at $1.59. Shares in Perpetual closed down $1.00, or 2.65 per cent, at $36.80 after private equity firm Kohlberg Kravis Roberts (KKR) made an unsolicited bid for the wealth manager.

KKR this week surprised the market with an unsolicited bid for the 125 year old wealth manager, which valued the target at between $38.00 and $40.00 per share.

Civil engineering consultant Cardno flagged a lift in first half profit following a strong contribution from acquisitions. Cardno closed up 30 cents, or 6.8 per cent, at $4.71.

Ansell confirmed its earnings guidance for 2010-11 and said it has good sales momentum in the first three months of the new financial year.

Shares in the gloves and condoms maker finished two cents lower at $13.47.

The spot price of gold in Sydney was $1,365.00 per fine ounce, up $4.04 from Monday's local close of $1,360.96.

Gold miner Newcrest Mining closed down 43 cents, or 1.05 per cent, at $40.50. The most traded stock by volume was Continental Coal, with 499.8 million shares worth $39.36 million changing hands.

Continental Coal closed up 0.2 cents, or 2.6 per cent, at 7.9 cents after the coal explorer said it had completed $61 million in funding agreements to fast-track the development of its third operation in South Africa.

Preliminary market turnover was 3.064 billion securities worth $5.99 billion, with 591 stocks up, 540 down and 382 unchanged.

The Australian dollar nudged higher late in Asia Tuesday, but was well below its intraday peak as dealers said the local unit could be heading into a renewed period of weakness on fresh U.S. dollar buying.

The high yield currency briefly spiked on minutes from the Reserve Bank of Australia's October policy meeting, which said the decision to keep rates steady was finely balanced and the board may need to tighten soon.

The Australian dollar initially rose 30 points to US$0.9961 before sliding. It traded at $0.9872, up from $0.9854 late Monday, and traded against the Yen at 80.375, up from 80.075.

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