The local share market closed flat today, as losses from the miners offset gains made in financial stocks. The All Ordinaries Index (XAO) added 2.5pts to 4830 while the S&P/ASX 200 Index (XJO) gained 4.6pts to 4745.9. Importantly, both indices managed to hold on to one month highs.

Chinese trade data for November released today revealed stronger than expected gains in both exports and imports, potentially adding to concerns China´s economy is overheating. There is speculation China may lift interest rates this weekend on the back of expected strong inflation data due out tomorrow.

Financial stocks were among the strongest performers on our market, with Westpac (WBC) continuing to add to yesterday’s impressive gains, up a further 1.3pct to $22.57. Shares in the NAB (NAB) increased by 0.9pct to $24.22 while the ANZ (ANZ) was up 0.8pct to $23.83 and the Commonwealth Bank (CBA) increased by 0.7pct to $50.59. Macquarie Group (MQG) firmed by 0.4pct to $36.79.

BHP Billiton (BHP) closed flat at $45.44 on softer metals trade in London overnight, while Rio Tinto (RIO) was down 0.7pct to $87.36. Gold miner Newcrest (NCM) fell 1.1pct to $40.24.

Energy stocks fared better as the price of crude oil rebounded to US$88.41 a barrel in Asian trade. Shares in Worley Parsons (WOR) rose 1pct to $27.27 while Santos (STO) was up 0.7pct to $12.54 and Caltex (CTX) firmed by 2.2pct to $14.36.

AGL Energy (AGK) and Origin (ORG) have been given the green light by the competition watchdog to buy electricity assets in New South Wales under the privatisation scheme. AGK can’t bid for Energy Australia and can only buy either Country Energy or Integral Energy. Origin can buy any of the three, or both Country Energy and Integral Energy. AGK shares fell 1.1pct to $15.90 while ORG rose 1.2pct to $16.61.

Shares in Beach Energy Limited (BOT) rose 9.9pct to $0.78 on encouraging drilling results.

Telstra (TLS) shares today fell 0.7pct to $2.74.

Property developer Mirvac (MGR) shares closed down 0.4pct $1.265. The company today announced it has acquired harness racing track Harold Park Paceway in Sydney and will develop a 1200 lot medium-density housing community on the site.

No local economic data was released today and the Australian dollar ended the day’s trade at US98.52c, £0.6243 and €74.32c.

On the market overall, a total of 2.77 billion shares were traded, worth $5.18 billion. 480 were up, 624 were down and 382 were unchanged.

At 4.15pm AEDT on the ASX24, the futures contract was at 4750, down 2pts.

Ahead tonight; trade balance, treasury balance and consumer sentiment figures are released in the US.