The sharemarket has retreated from its seven-year high after three days of gains, with investors thought to be taking profits in the industrial and financial sectors.
The falls on the ASX followed weaker performances in Europe and the US overnight, although the Dow Jones index is at record highs.
CMC Markets sales trader Betty Lam said traders appeared to be taking a breather after market giants BHP Billiton and QBE Insurance had propped up the broader market after releasing strong profit results on Tuesday.
“It is time to take a break and really take profits as well while we can because who knows how much longer these levels are going to be sustained,” she told AAP.
Earnings season was a key focus, with airline Qantas swinging back with a first half net profit of $203 million, following losses of almost $3 billion six months ago.
Qantas shares rose four cents, or 1.4 per cent, to $2.85.
Nine Entertainment surged almost 10 per cent to $2.03 after the media company tripled its first half profit and announced a $150 million share buyback.
Financial stocks weighed on the market, with National Australia Bank 16 cents lower at $37.62, ANZ losing 15 cents to $35.16, Westpac falling 20 cents to $37.68 and Commonwealth Bank down 45 cents at $90.42.
BHP Billiton was up six cents at $33.56 and Rio Tinto clawed back 12 cents to $63.70.
KEY FACTS
* At the close on Thursday, the benchmark S&P/ASX200 index was down 36.4 points, or 0.61 per cent, at 5,908.5 points.
* The broader All Ordinaries index was down 30.7 points, or 0.52 per cent, at 5,877.9.
* At 1635 AEDT the March share price index futures contract was 44 points lower at 5,878, with 21,081 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,210.20 per fine ounce, up 70 cents on Wednesday’s price of $US1,209.50.
* National turnover was 1.8 billion securities worth $5.3 billion.
