The Australian share market got to within five points of the 6,000 points mark on Monday but then fizzled out, with no major corporate or economic news to maintain momentum.
“It’s a disappointing day given the very strong growth in the European markets last night and also the US market,” Phillip Capital senior client adviser Michael Heffernan said.
“There was an absence though of major corporate news and economic news today.”
Mr Heffernan said investors had enjoyed a solid run upwards over the last week and weren’t ready yet to push the market beyond the psychological 6,000 points mark for the first time in seven years.
In the resources sector, global miner BHP Billiton lifted 33 cents to $31.00, Rio Tinto lost 38 cents to $58.21, and Fortescue Metals dipped two cents to 1.98 in the wake of a lower spot price for iron ore.
Among the major banks, Commonwealth Bank fell 84 cents at $95.48, Westpac retreated 17 cents to $39.56, National Australia Bank shed 21 cents at $39.18, and ANZ edged up one cent to $36.80.
Solomon Lew’s retail outfit Premier Investments surged $1.25, or 11.07 per cent, to $12.54. Premier said it would pay shareholders a special dividend after lifting first half profit by nine per cent.
Explosives maker Orica strengthened 49 cents to $19.10 as it appointed former BHP executive Alberto Calderon as its interim CEO in the wake of the news Ian Smith would leave amid allegations of aggressive behaviour.
Internet provider iiNet was off 10 cents at $8.85 as it faces shareholder opposition to its $1.4 billion takeover by rival TPG.
Struggling broadcaster Ten found one cent at 23 cents. Ten appears left with just one financial restructure offer that requires changes to media ownership laws after the apparent withdrawal of a takeover offer.
KEY FACTS
* At 1620 AEDT on Monday, the benchmark S&P/ASX200 index was down 19.4 points, or 0.32 per cent, at 5,956.1 points, according to preliminary closing figures.
* The broader All Ordinaries index was down 15.3 points, or 0.26 per cent, at 5,921.0 points.
* The June share price index futures contract was down 17 points at 5,953 points, with 20,129 contracts traded.
* National turnover was 1.47 billion securities worth $3.54 billion.
