The share market has again retreated from its push towards 6,000 points following weak leads from international markets and a rise in the Australian dollar.
The local market is more than one per cent lower, with the S&P/ASX200 and All Ordinaries both back below 5,900 points.
Phillip Capital senior client adviser Michael Heffernan said the ASX was taking its lead from Europe, where Germany’s DAX 30 finished 1.9 per cent lower.
“Clearly we were influenced by the weaker markets in Europe overnight,” he said.
Meanwhile, the Australian dollar moved back above 80 US cents overnight, hurting companies with significant international earnings.
Mr Heffernan said the weakness was spread across the entire market, though resources companies fared better than most due to improving commodity prices.
The big four banks were weaker, with the Commonwealth down 86 cents to $91.72 while ANZ dropped 41 cents to $35.00, Westpac lost 62 cents to $37.77 and National Australia Bank gave up 63 cents to $37.75.
BHP Billiton was 14 cents lower to $32.28, while Rio Tinto lost 40 cents to $58.39 and Fortescue Metals 11 cents to $2.34.
One of the few positives was retail conglomerate Wesfarmers, which was nine cents higher to $43.24 following the release of its quarterly sales results.
Insurer IAG lost 20 cents, or more than three per cent, to $5.69 after it flagged a $300 million hit as a result of recent storms in New South Wales.
KEY FACTS
* At 1230 AEST on Wednesday, the benchmark S&P/ASX200 index was 65.3 points, or 1.1 per cent, lower at 5,883.2
* The broader All Ordinaries index was down 61.6 points, or 1.04 per cent, at 5,859.9.
* The June share price index futures contract was 61 points lower at 5,865, with 19,147 contracts traded.
* National turnover was 962 million securities worth $2.5 billion.
