THE share market closed slightly down, losing momentum after resource stocks had earlier surged on news of the change of Labor leadership.
At 4.15pm(AEST), the benchmark S&P/ASX200 index was down 6.4 points, or 0.14 per cent, at 4479.7 while the broader All Ordinaries index fell 5.3 points, or 0.12 per cent, to 4504.1.
On the Sydney Futures Exchange, the September futures rose six points to 4479 points, on volume of 27,655 contracts, according to preliminary calculations.
Prime Minister Julia Gillard said she would throw her door open to miners during discussions to end uncertainty.
Ms Gillard said the Government would cancel its resource super profits tax (RSPT) advertising and called on the resource industry to do the same as a sign of good faith.
BHP Billiton responded by agreeing to immediately suspend its advertising campaign against the controversial tax proposal.
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Adding to the political shakeup, Finance Minister Lindsay Tanner said he would not contest the coming election and would retire to spend more time with his family.
Wealth Within senior analyst Janine Cox said Ms Gillard's appointment as Prime Minister added another dose of uncertainty until she made firm policy announcements.
"Until she releases her policies, it is not going to have a massive impact," she said.
"It is likely that what is going on overseas will have the most impact.
"With the (poor) housing figures coming from the US, people need to see something positive on the horizon."
Among the big miners, Rio Tinto finished higher by $1.19, or 1.69 per cent, at $71.73 and BHP Billiton was 51 cents higher, or 1.3 per cent, at $39.65.
The big four banks closed lower, with ANZ down five cents at $22.83, NAB 29 cents lower at $24.38, Commonwealth Bank was 39 cents weaker at $50.82 and Westpac was 44 cents lower at $22.12.
Mining tax not hurting dollar - GillardGenesco beats expectations, will buy competitor
