THE share market closed lower as investors ignored a positive lead from United States markets and pulled back from the resources sector.
At the 4.15pm AEDT close, the benchmark S&P/ASX200 index was off 40.4 points, or 0.84 per cent, at 4767.8 points, while the broader All Ordinaries index shed 39.3 points, or 0.8 per cent, to 4863.2 points.
On the ASX 24, the March share price index futures contract was 35 points lower at 4771 points, with 37,280 contracts traded.CMC Markets head of analysis David Land said the big end of the mining sector had done most of the damage during trading today."I think it caught some in the market by surprise today given the good lead in (from United States markets)," Mr Land said."Even from early on the big miners were a real negative."Mr Land said the big miners seemed to be affected by wide uncertainty amony investors, partly caused by civil unreast in the Middle East and an expectation that the market was due for a pause.In the resources sector, global miner BHP Billiton retreated 59 cents to $46.00 and Rio Tinto dumped $1.53 to $82.38.OZ Minerals lost 3.5 cents to $1.575 after it said it would acquire the Carrapateena copper-gold project in South Australia for $US250 million ($A248.23 million).Shares in Eagle Eye Metals soared seven cents, or 107.69 per cent, to 13.5 cents after the minerals exploration tiddler announced it would acquire West African gold projects through the recommended takeover of Birimian Gold Ltd.Gold miner Newcrest fell $1.01 to $38.30.Gold miner Catalpa Resources firmed two cents to $1.64 after it posted a maiden first half profit on the back of record production of the precious metal from its two Australian mines.The spot price of gold in Sydney at 4.17pm AEDT was $US1,424.60 per fine ounce, down $US5.35 from yesterday's local close of $US1,429.95.Among the major banks, National Australia Bank was down 22 cents at $25.08 as chief executive Cameron Clyne said there was a strong probability that there would be an increase in the number of small to medium businesses looking to borrow funds by the end of the year.ANZ was steady at $23.77, Commonwealth Bank slipped 31 cents to $51.50 and Westpac surrendered 12 cents to $23.37.Among other stocks, national airline Qantas nudged up one cent to $2.34 after it said it would increase fuel surcharges on international tickets in response to climbing oil and jet fuel prices.Preliminary national turnover was 3.29 billion securities worth $5.29 billion, with 761 stocks down, 418 up and 390 unchanged.On Wall Street overnight, the Dow Jones Industrial Average gained 124.35 points, or one per cent, to 12,214.38 points.Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
Banks drive Australian shares higherStocks retreat; Dow off by 37
