THE share market ground lower today, as investors in mining and bank stocks took profits.
The benchmark S&P/ASX200 index was down 56.2 points, or 1.21 per cent, at 4605.3 points, while the broader All Ordinaries index had dipped 52.7 points, or 1.12 per cent, to 4650 points.
On the Sydney Futures Exchange at 4.18pm (AEST), the December share price index contract was 52 points lower at 4631 points on a volume of 35,151 contracts.
The September share price index contract, which expired at midday (AEST), was 19 points lower at 4676 points on a volume of 10,340 contracts.
CMC Markets head of sales trading Matthew Lewis said the market couldn't gather the strength to push higher, despite a positive lead from Wall Street overnight.
"It was fair enough, considering the run-up we've had this week and a lack of any material developments overnight to spur buying activity," Mr Lewis said.
Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
"We've seen the market break out of its range in the past few sessions, and given the downside risks, it wasn't surprising to see a few profit takers move in today."
Softer commodities prices overnight saw BHP Billiton fall 69c, or 1.75 per cent, to $38.75 and Rio Tinto slip $1.51, or 2.01 per cent, to $73.79.
In the banking sector, Commonwealth Bank was down $1.16, or 2.16 per cent, at $52.64, Westpac had dropped 35c, or 1.48 per cent, to to $23.28, ANZ had dipped 50c, or 2.07 per cent, to $23.66 and NAB was 16c weaker at $25.78.
"Bright spots could be found in the consumer staples space," Mr Lewis said.
"We saw Foster's, Coca-Cola and Woolies all make solid gains. This may have been a defensive rotation play."
Foster's finished nine cents, or 1.47 per cent, firmer at $6.21, Coca-Cola put on 10c to $12.19 and Woolworths was 19c higher at $28.77.
Share market marginally lowerBP’s brand value takes tumble with oil spill
