Shares flat at noon but energy stocks ahead | Business Breaking News | News.com.au

it's inevitable that as we approach 5000 points and BHP gets to $40, the market will get a bit tentative," he said. "It wouldn't surprise me if it became a bit more reflective as it gets closer over the next few months ... could get there at Christmas." Mr Wright said the Energy sector was up but investors weren't getting too excited. "Energy stocks have pretty underwhelming moves - half to one per cent," he said. Oil Search was up eight cents, or 1.28 per cent, at $6.34, Santos increased 23 cents, or 1.47 per cent, to $15.87 and Woodside Petroleum added 79 cents, or 1.5 per cent, to $53.48. The major miners were down, Rio Tinto fell 25 cents to $66.55. Meanwhile, BHP Billiton says first quarter iron ore output rose 11 per cent due to an improved performance at its Western Australia operations and that Chinese commodities imports are likely to more closely reflect demand following the country's recent stockpiling. The resources giant also said it did not expect to resume full production of copper and uranium at its Olympic Dam project in South Australia until the third quarter of 2009/10, following damage to a haulage system. BHP Billiton declined 41 cents, or 1.03 per cent, to $39.50. The big four banks were relatively quiet. ANZ Banking Group gained one cent to $23.80, National Australia Bank lost 16 cents to $31.14, Westpac advanced two cents to $26.50 and Commonwealth Bank fell 50 cents to $54.40. Lihir shed four cents to $3.19 and Newcrest Mining lost 42 cents to $35.92. The airline industry was mixed, with Qantas declining three cents to $2.96 while rival Virgin Blue gained two cents, or 3.92 per cent, to 53 cents. Making news today, global beverages firm Foster's Group Ltd says its first quarter results are in line with expectations, but warns it has some clear challenges to meet this financial year. Fosters said after adjusting for currency impacts, its performance in the first quarter of the new financial year was line with expectations. Fosters shares were down one cent at $5.55.