The Australian share market has finished lower as concern about Chinese growth dragged down material and industrial stocks.
At the close on Wednesday, the benchmark S&P/ASX200 index was down 24.7 points, or 0.57 per cent, at 4278.8, while the broader All Ordinaries index was down 27.9 points, or 0.64 per cent, at 4,297.7.
On the ASX 24, the September share price index futures contract was down 37 points at 4,276, with 27,096 contracts traded.
Macquarie Private Wealth analyst Lucinda Chan said materials and industrial stocks suffered the biggest falls, amid concern about China’s growth prospects.
“The weakness is mainly in the materials sector and there have been some steep falls in some industrial stocks,” Ms Chan said.
“It’s all pretty grim at the moment.”
Fortescue Metals Group contributed to the negative sentiment after shares in the iron ore miner plunged 8.5 per cent, or 29 cents, to a three-year low at $3.12 on concerns over its about-face on expansion plans and the falling iron ore price.
A report showing the third straight monthly contraction in the US manufacturing sector al so added to the negative mindset among domestic traders.
Other key events offshore likely to influence the direction of trading include a board meeting of the European Central Bank on Thursday night (Australian time).
Among the big miners, BHP Billiton was 51 cents weaker at $31.05 and Rio Tinto shed $1.03 tot $49.34.
News Corp shares were 27 cents higher at $23.22 after it nominated former Colombian president Alvaro Uribe and former US secretary of labour Elaine Chao to its board.
The media group also reported that Rupert and James Murdoch have had part of their multi-million dollar cash bonuses withheld as a result of the UK phone hacking scandal.
The company’s non-voting shares were up 29 cents at $23.09.
Oil refiner Caltex was down 29 cents at $15.40 after it raised $550 million from investors to help fund a restructure that includes the overhaul of its Sydney oil refinery.
Pallets and containers supplier Brambles was down two cents at $6.82 despite reiterating previous profit guidance and saying it had entered the 2012/13 financial year in good shape despite uncertain economic conditions.
The price of gold in Sydney closed at $US1,692.26 per fine ounce, down $US1.45 from $US1,693.71 on Tuesday.
National turnover was 1.69 billion securities worth $4.9 billion, with 304 stocks down, 628 up and 348 unchanged.
