The S&P-ASX 200 index earlier reached an intraday high of 4661.2 points before closing the session near flat at 4622.9, down 2 points, while the All Ordinaries finished 2 points higher at 4696.4 points.

In overseas markets, the Shanghai Composite fell 1.3% to 2965 points after investor disappointment over China's gross domestic product figures which highlight the slowing economic growth of Australia's biggest trade partner.

China’s GDP for the September quarter grew at 9.6%, compared to growth of 10.5% in the second quarter.

"China data wasn't as strong as the bulls were hoping and we have just rolled over with the rest of Asia," a senior trader at UBS told Dow Jones Newswires.

"There was obviously some expectation yesterday that China's growth would be very strong."

Today’s news comes after China upped interest rates by 25 basis points which heightened fears that China was attempting to put the brakes on its booming economy.

Closer to home and BHP Billiton ended today’s session A34c higher at $41.22, while Rio Tinto gained 54c to $81.75.

Fortescue Metals Group responded to media reports today on a $US2 billion cost blow-out at its Solomon project.

The iron ore miner went into a trading halt today after an article published by The Australian Financial Review revealed capital costs for Solomon had ballooned from $US3.24 billion to $US5.4 billion.

FMG came out of the trading halt later in the day and closed the session A3c lower at $6.17.

In other mining news, Australia’s biggest gold producer Newcrest Mining flagged gold production would be 2.85-3.00 million ounces for the 2010-11 financial year.

The gold miner also announced an almost 30% surge in gold production for the September quarter. Newcrest attributed the increase to its merger with Lihir Gold earlier this year.

Newcrest finished the session 17c higher at $39.95.

Spot gold was trading 0.3% lower at $US1341.2 an ounce at 4:30pm AEDT.

On the London Metal Exchange, copper for three-month delivery finished 1% higher at $8340 per tonne, nickel gained 2% to $23,945/t while zinc added 2% to $2440/t.