The share market closed flat after touching a new 20-month high during the session, with the strongest gains in utility and industrial stocks.
The All Ordinaries index rose by one point to 4,803 and the ASX 200 gained two points, to 4,779.
The big four banks were mixed; the Commonwealth Bank rose 0.6 per cent, Westpac managed a gain of just one cent, while ANZ Bank slipped three cents.
But NAB lost 1 per cent to close at $26.59 after Spanish bank Santander rejected claims it was trying to buy NAB's troubled UK assets.
NAB's shares spiked yesterday after British media reported Santander was interested in NAB's Clydesdale and Yorkshire bank units.
Shares in Downer EDI closed up 1 per cent at $4.42; the engineering firm has won a $90 million rail contract from Transport NSW.
The works are expected to be complete by 2015.
Several ports used by Australia's major iron ore miners were closed as a tropical storm gathered pace off the West Australian coast.
Port Hedland, which is used by BHP Billiton, Fortescue Metals and Atlas Iron, was closed.
Rio Tinto, meanwhile, said its ports at Dampier and Cape Lambert would also halt operations.
BHP Billiton rose 0.1 per cent, Rio Tinto gained 0.6 per cent and Fortescue Metals jumped 2.4 per cent.
Shares in shopping centre owner Centro fell 1.3 per cent to $2.25 after shareholders voted overwhelmingly to approve a name change for the company to Federation Centres.
The Australian Chamber of Commerce and Industry's latest quarterly survey of investor confidence found several indicators had dropped to 15-year lows.
That was despite falling interest rates and a recovery in commodity prices.
In currency trade, the Australian dollar jumped against the greenback but was lower against the yen.
That was after the Bank of Japan announced it would double its inflation target to 2 per cent and unveiled open-ended monetary stimulus.
About 5pm (AEDT) it was buying 105.5 US cents, 79.1 euro cents, 94.2 Japanese yen and 66.6 British pence.
Spot gold was higher at $US1,694 an ounce, West Texas crude oil rose to $US95.60 a barrel and Tapis crude climbed to $US118.40 a barrel.