The Australian share market closed flat on Thursday as stronger resource stocks offset weakness in the financials sector. The benchmark S&P/ASX200 index finished down two points, or 0.04 per cent, at 4,622.9 points, while the broader All Ordinaries index was 1.9 points higher, or 0.04 per cent, at 4,696.4 points.

On the Sydney Futures Exchange, the December share price index contract was seven points lower at 4,625 points, with 29,140 contracts traded.

The miners were mostly stronger. BHP Billiton was up 34 cents at $41.22, while Rio Tinto rose 54 cents to $81.75. Fortescue Metals finished down three cents at $6.17 after coming out of trading halt, which it had been in for most of the session. Fortescue, in a statement, hit back at a news article saying there was a $US2 billion cost blow out at its Solomon Project.

Wesfarmers closed up 83 cents, or 2.52 per cent, at $33.76, while Woolworths finished 37 lower, or 1.28 per cent, at $28.51.

The banks closed weaker on Thursday. ANZ closed down 31 cents, or 1.32 per cent, at $23.26, Westpac was 27 cents, or 1.2 per cent, at $22.32, Commonwealth Bank lost 46 cents to $49.94 and National Australia Bank was down 53 cents, or 2.12 per cent, at $24.51.

Tabcorp Holdings was the best performer on the S&P/ASX 50, closing 32.52 cents, or 4.64 per cent, higher at $7.34. The gambling giant announced on Thursday that it has completed the institutional component of its $430 million capital raising, garnering about $238 million.

In market news on Thursday, Ten Network Holdings says it has turned around its fortunes, as it's pursued by billionaire James Packer. The broadcaster unveiled net profit for the 12 months to August 31 of $150 million, up from a net loss of $89.35 million in the previous year. Fellow media players finished mixed. Fairfax Media was down 1.5 cents at $1.485 and News Corporation was 17 cents higherat $16.30, with its non-voting stock up 26 cents at $14.61.

Data released on Thursday showed China's economy grew by 9.6 per cent in the quarter ending in September compared, down from the previous quarter's 10.3 per cent but still by far the highest of any major economy. Leighton Holdings says the Australian Securities and Investments Commission (ASIC) decided not to grant relief sought by the company's German parent, Hochtief, in its takeover battle with a Spanish rival, ACS.

At the close, Leighton was up four cents at $37.25. Santos says third quarter production was down nine per cent, with lower output from flood hit activities in South Australia's Cooper Basin. Santos closed down 20 cents at $12.26. The spot price of gold in Sydney was $1,342.40 per fine ounce, up $3.92 from Wednesday's local close of $1,338.48.

Gold miner Newcrest Mining was up 17 cents at $39.95 after reporting a sharp jump in quarterly production following its $10 billion takeover of Lihir Gold earlier this year. The most traded stock by volume was Chameleon Mining, with 197.29 million shares worth $2.74 million changing hands.

Chameleon Mining closed down 0.7 cents, or 33.33 per cent, at 1.4 cents. The Federal Court has ruled that Chameleon Mining was not entitled to any interest in the Jack Hills project in Western Australia or to any of Murchison's shares in Crosslands Resources. Preliminary market turnover was 2.94 billion securities worth $6.01 billion, with 672 stocks up, 444 down and 375 unchanged.

The Australian dollar was higher late in Asia on Thursday in choppy trade as the main focus was on remarks by U.S. Treasury Secretary Timothy Geithner that suggested he sees no need for the U.S. dollar to sink more than it already has against the euro and yen. The Australian dollar traded at $0.9817, up from $0.9757 late Wednesday, and traded against the Yen at 79.67, up from 79.415.

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