The share market has been dragged lower by the big banks and miners, while internet provider TPG Telecom shone due to its $1.4 billion takeover deal with iiNet.
The market had looked set to rise after an encouraging lead from US markets, but instead investors took profits after strong gains on Thursday due to good jobs figures, Phillip Capital senior client adviser Michael Heffernan said.
“We’re in a contrary mood for Friday the 13th,” Mr Heffernan said.
“We had a good day yesterday and now people want to take a bit off the table.”
Most of the market’s major stocks were weaker, but turnover was low, he said.
The only glimmer was provided by TPG’s proposed takeover of iiNet, which will create Australia’s second biggest internet provider.
TPG shares surged $1.37, or 17.7 per cent, to $9.11 and iiNet soared $1.69, or 24.8 per cent, to $8.50.
Among other telcos, Amcom lifted 19 cents to $2.80 and Telstra dropped nine cents to $6.20.
Among the major banks, Commonwealth Bank dropped 50 cents to $91.32, Westpac shed 29 cents to $37.80, ANZ fell 20 cents to $35.44 and National Australia Bank was 26 cents weaker at $37.74.
BHP Billiton retreated 44 cents to $29.76, Rio Tinto backtracked 20 cents to $57.30, while iron ore miner Fortescue Metals jumped 8.5 cents to $2.00.
Oil and gas producer Woodside Petroleum dipped four cents to $34.75 and Santos descended 19 cents to $7.11.
KEY FACTS
* At 1620 AEDT on Friday, the benchmark S&P/ASX200 index was down 35.7 points, or 0.61 per cent, at 5,814.5 points.
* The broader All Ordinaries index was down 28 points, or 0.48 per cent, at 5,788.0 points.
* The March share price index futures contract was down 35 points at 5,811 points, with 34,829 contracts traded.
* National turnover was 1.38 billion securities worth $3.89 billion.
