Australian shares closed mixed today, as losses from the banks offset strong momentum seen in early trade off the back of a positive offshore lead. The All Ordinaries Index (XAO) gained 1.9pts to 4696.4 while the S&P/ASX 200 Index (XJO) dropped 2pts to 4622.9.

The financial sector closed down 0.9pct with all the big four closing in the red. Shares in the NAB (NAB) eased by 2.1pct to $24.51 while the Commonwealth Bank (CBA) was lower by 0.9pct to $490.94 and Westpac (WBC) eased by 1.2pct to $22.32. Shares in the ANZ (ANZ) fell 1.3pct to $23.26 while Macquarie Group (MQG) was lower by 1.3pct to $33.10.

Firmer metals trade in London boosted the major mining stocks. BHP Billiton (BHP) added 0.8pct to $41.22 while Rio Tinto (RIO) gained 0.7pct to $81.75. Fortescue Metals Group (FMG) which was placed in a trading halt earlier in the session, fell 0.5pct to $6.17 upon resumption of trade. The iron ore miner has hit back at a news article claiming there has been a US$2 billion blow-out at its Solomon project.

The energy sector fell 0.6pct as the oil price eased in Asian trade to US$81.89 a barrel.

Telstra (TLS) shares added 0.4pct to $2.64.

The Ten Network (TEN) today reported a $150 million profit for 2011 and welcomed a share raid from billionaire James Packer. TEN shares gained 1.6pct to $1.57 while Mr Packer's investment vehicle, Consolidated Media Holdings (CMJ) rose 1.2pct to $3.39. Seven Media Holdings (SVW) gained 0.8pct to $7.15.

Tabcorp (TAH) rose 4.6pct to $7.34 after tapping the market for $238 million.

Chinese economic activity remained firm in September. The Chinese economy grew at a 9.6pct annual rate in the September quarter (consensus 9.5pct). Chinese consumer prices rose at a 3.6pct annual pace in September, the fastest pace in 23 months. While the lift in prices was largely in line with expectations it was mostly due to food inflation. China's industrial production slowed in annual terms in September but the pace of retail sales rose modestly.

The Australian dollar ended the day's trade at US98.15c, £0.6216 and €70.57c.

On the market overall, a total of 2.93 billion shares were traded, worth $6 billion. 672 were up, 444 were down and 375 were unchanged.

Ahead tonight, the leading index, Philadelphia Fed survey and weekly jobless claims are released in the US.

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