The Australian stock market was flat at midday as company earnings results failed to inspire many investors and. with no market-moving data set for release

At 1200 AEST Thursday noon, the benchmark S&P/ASX200 index shed 4.3 points, or 0.1 per cent, at 4,470.6 points. The broader All Ordinaries index had fallen 0.8 points, or 0.02 per cent, to hit 4,503.1 points.

On the Sydney Futures Exchange, the September share price index contract was 15 points weaker at 4,449, on volume of 12,321 contracts.

The local market was flat even as profit results were more positive than in previous days, according to CommSec market analyst Juliette Saly.

Investors were most pleased by pallets company Brambles' full year net profit of $US448.8 million ($499.17 million). Although it was down 0.84 per cent, the result was much better than forecast.

At 1203 AEST, Brambles shares climbed 35 cents, or 6.6 per cent, at $5.65 with the earnings news.

Retailer and coal miner Wesfarmers' 2.8 per cent increase in full year net profit to $1.565 billion had failed projections, said Ms Saly.

Wesfarmers stocks lost 34 cents, or 1.07 per cent, at $31.46 at 1203 AEST.

Other retail stocks also marginally declined, with David Jones shedding 3 cents at $5.06 at 1203 AEST, and Harvey Norman slumping 2 cents to $3.58.

The major banks and mining giants were likewise weighing on the market.

At 1205 AEST, Commonwealth had slumped 25 cents to $50.40, while ANZ lost 10 cents to $22.44. Westpac edged down 11 cents to $22.94 as National Australia Bank dropped 9 cents to $24.22.

On the resources sector, investors were digesting news late on Wednesday that Moody's was reviewing BHP Billiton's credit rating in light of its takeover bid for Canada's PotashCorp.

By 1206 AEST, BHP Billiton shares lost 40 cents at $38.02 while Rio Tinto shares were 37 cents down at $73.08.

Yesterday, the Australian bourse ended flat, after broader increases were offset by a huge fall by market heavyweight BHP Billiton.

The benchmark S&P/ASX200 index finished 2.1 points or 0.05 per cent lower at 4474.9 points. The broader All Ordinaries index added 0.7 points or 0.02 per cent to reach 4503.9 points.