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SYDNEY Maliek Collins Cowboys Jersey , June 16 (Xinhua) -- The Australian share market opened flat on Friday as losses in the major stocks offset the gains made across the rest of the index.

At 1010 local time AEST, the S&PASX200 index was up 2.80 points, or 0.05 percent, at 5,766.00 points Jaylon Smith Cowboys Jersey , while the broader all ordinaries index rose 5.90 points, or 0.10 percent, at 5,766.00 points.

The Australian market is generally performing well, according to Ric Spooner Chidobe Awuzie Cowboys Jersey , CMC Markets chief market analyst who told Xinhua that this was despite some losses in the U.S. bourse.

""Essentially it's a bit of mean reversion, we've had a very volatile week in the Australian market, and some really urgent buying on Tuesday and Wednesday, as well as heavy selling on Thursday,"" Spooner said.

""Today Taco Charlton Cowboys Jersey , even though the U.S. markets are a bit weaker, we are seeing the bargain hunters creep back into the market, based on the fact that things have settled down a bit.""

Mining and materials stocks continued to be a drag on the index as investors remain ""unconvinced"", according to Spooner,

""Mining and material stocks are the notable exception Connor Williams Cowboys Jersey , that's despite the firmness in the iron ore price yesterday,"" Spooner said.

The market expert said investors would get ""real comfort"", if iron ore prices showed more concrete signs of consolidating.

The major banks took a large hit as confusion and concern about 1 billion dollars bank levy introduced by the Australian government ensues. Senior executives from major Australian banking associations spoke out on Friday, saying the government tax on banks disadvantages local financial institutions.

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