The local share market closed flat today, although companies directly affected by the Queensland floods were sold off. The All Ordinaries Index (XAO) fell 3.8pts by close to 4814.9 while the S&P/ASX 200 Index (XJO) dropped 1.6pts to 4710.7.

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Insurer Suncorp-Metway (SUN) updated the market in afternoon trade, confirming it has received 2500 claims from customers affected by the floods. SUN says it is still too early to assess the damage and its share price closed down 3.7pct to $8.19. IAG (IAG) dropped 1.3pct to $3.84 after confirming it has received 900 claims while QBE (QBE) rose 0.8pct to $18.14.

Shares in QR National (QRN) lost 3.3pct to $2.68 while coal miner New Hope Corporation (NHC) fell 2.6pct to $4.92 after announcing it has suspended coal production in Queensland in the wake of the floods. Shares in NHC fell 2.5pct to $4.92. The Bank of Queensland (BOQ) dropped 1.6pct to $9.98.

Among other financial stocks, the ANZ (ANZ) lost 0.6pct to $22.83 while Westpac (WBC) lost 0.1pct to $22.06. The Commonwealth Bank (CBA) fared better, up 0.5pct to $50.30 while the NAB (NAB) increased by 0.4pct to $23.89.

Mining stocks were mixed. The board of Riversdale Mining (RIV) has recommended shareholders accept Rio Tinto’s (RIO) $16 per share bid for the company, with RIV shares losing 1.1pct to $16.47. Shares in Rio fell 0.3pct to $84.12.

Alumina (AWC), which has a 40pct stake in Alcoa World Aluminium Chemicals in partnership with US giant Alcoa, fell 4.3pct to $2.45. Disappointment in its profit from that joint venture weighed on investors’ minds, as did a report that Chinese imports of aluminium have declined.

Telstra (TLS) shares benefitted from defensive buying, and the recent consumer backlash against rival Vodafone. Shares in TLS added 2.2pct to $2.84.

Retail stocks performed well. Shares in David Jones (DJS) added 2.8pct to $4.75 while Harvey Norman (HVN) firmed by 0.7pct to $2.92. Woolworths (WOW) increased by 1.6pct to $26.79.

Australia’s trade surplus narrowed by $636 million to $1,925 million in November. Economists had tipped a surplus near $2 billion. Exports were flat over the month while imports rose by 2.9 pct. Australia has chalked up trade surpluses of $17.1 billion over just the past eight months.

Australia’s trade surpluses with both China and India soared to record highs over the past year. In the year to November, Australia sent $17.7 billion more in exports to China than it received in imports. Just under two years ago the trade surplus was close to zero.

While the physical trade of goods is in surplus, the services account remains mired in deficit – the deficit widening from $372 million to $454 million in November. The high Australian dollar is a key culprit, depressing tourism receipts.

Total exports from Queensland were $4,199 million in November, 21 pct of total Australian exports. The floods in Queensland is likely to see more sedate trade surpluses take place in coming months.

The Australian dollar ended the day’s trade weaker against all the major currencies and at 4.30pm AEDT was worth US98.26c, £0.6317 and €75.93c.

On the market overall, a total of 2.74 billion shares were traded, worth $4.18 billion. 483 were up, 630 were down and 403 were unchanged.

At 4.30pm AEDT on the ASX24, the futures contract was at 4703, up 1pt.

Ahead tonight, data on wholesale inventories is released in the US along with weekly data on chain store sales.

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