The Australian share market closed flat as uncertainty about debt issues in the US and European weighed on investors. On Tuesday the benchmark S&P/ASX200 index was down 3.9 points, or 0.09 per cent, at 4,468.1, while the broader All Ordinaries index was 0.5 points, or 0.01 per cent, weaker at 4,539.4. On the ASX 24, the September share price index futures contract was down seven points at 4,440 points, with 33,401 contracts traded. The energy sector closed higher, and News Corp shares made their first gains in several days.

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News Corp gained 34 cents, or 2.4 per cent, to $14.50, and its non-voting stock was up 32 cents, or 2.3 per cent, at $14.08. It was reported that News Corp board member Thomas Perkins said chief executive Rupert Murdoch has the full support of the company's board, and dismissed reports Mr Murdoch would be replaced because of the fallout from the phone-hacking scandal. In the energy sector, Woodside Petroleum reported a rise in June quarter revenue due to stronger commodity prices.

Its shares rose 67 cents, or 1.75 per cent, to $38.92. Santos, which on Monday launched a near $1 billion all scrip bid for gas explorer Eastern Star Gas, added 37 cents, or 2.9 per cent, to $13.11. Eastern Star Gas was up 3.5 cents at 87.5 cents, and Oil Search added four cents to $6.73. OZ Minerals gained 36 cents, or 2.8 per cent, to $13.32 after it reported that it maintained its full-year copper and gold production targets and would conduct a $200 million on-market share buyback.

Mining heavyweight BHP Billiton was down 23 cents at $42.62 and Rio Tinto lost 27 cents to $81.33. Gambling firm Tabcorp was the best performer in the top 100 stocks after it paid $410 million for the rights to operate off-course betting in Victoria for the next 12 years. Tabcorp was up 16 cents, or 5.16 per cent, at $3.26, while fellow gambling firm Tatts Group, which missed out on the licence, was one cent higher at $2.33. Property trust stocks were among the worst performers, with Dexus Property Group down two cents at 83 cents, GPT Group down five cents to $3.00 and Westfield Group closed 17 cents lower at $8.20. Preliminary national turnover was 2.12 billion shares worth $4.53 billion, with 476 stocks up, 538 down and 383 unchanged.

The Australian dollar inched higher Tuesday as renewed buying interest in Asian trading somewhat offset dovish minutes from Australia's central bank. Australian bonds slid on the Reserve Bank of Australia minutes from its July policy meeting, which suggested further rate hikes could be some way off. Also in the minutes, the RBA said growth for 2011 likely won't hit its previous target, with recent data indicating there is more time to assess inflation risks and it would be prudent to use that time.

The currency was further clipped as China's Dagong rating agency said the Australian dollar can't be considered a safe-haven asset. Still, neither development was enough to clip the Australian dollar too much, with a round of buying early in Asian trade helping absorb the news. The Australian dollar was at $1.0615, up from $1.0604 late Monday. Against the Japanese yen, the Australian dollar was at 83.875, up from 83.77.

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