The Australian share market closed weaker on profit-taking, led lower by the big miners and banks.
At 1615 AEST on Thursday, the benchmark S&P/ASX200 index was 52.7 points, or 1.22 per cent, lower at 4,251.2, while the broader All Ordinaries index was down 52.4 points, or 1.20 per cent, at 4,319.4.
On the ASX 24, the September share price index futures contract was down 49 points at 4,223, with 42,609 contracts traded.
City Index chief markets analyst Peter Esho said energy stocks pulled the market down earlier in the day as it took a breather from recent upward swings.
“Overall, the market has recovered over the past two weeks and it’s now just a period of consolidating its gains,” he said.
“All the large key industrial companies that have commenced reporting since the beginning of last week have all broadly met market expectations.
“I think the market finds comfort in that there’s no single problematic area or systemic issue of earnings falling across the economy,” he said.
BBY institutional dealer Stuart Smith said fewer investors were trading because of the uncertain outlook arising from the possibility of a recession again developing in the US and Europe.
“People are looking to see – is Europe going to melt down? Don’t know. Is America going to pick up? Not sure,” he said.
“That’s the type of market (we’re in) where no one knows what to do now and Australia seems to be waiting for a bit of a leap from overseas before it moves on.”
Among energy stocks, Oil Search was down 15 cents at $6.33, Santos was off 46 cents at $11.68 and Woodside Petroleum was 89 cents weaker at $36.87.
Wealth manager AMP closed up 11 cents at $4.26 despite an 18 per cent fall in first half profit to $349 million.
Shares in Coles owner Wesfarmers rose 11 cents to $30.41 after reporting a positive outlook and a 23 per cent life in full year profit.
APN News & Media shares were sold off heavily after the diversified publishing house booked a large impairment charge against its New Zealand newspapers and resulting first half loss.
APN was down 11 cents, or 12.36 per cent, at 78 cents.
Global miner BHP Billiton lost 72 cents to $39.10 and Rio Tinto was $1.08 lower at $73.34.
Iron ore miner Fortescue Metals Group was 19 cents weaker at $6.05.
Brewer Foster’s Group was up four cents at $5.00 and has again rejected a hostile $9.51 billion takeover bid by UK-based behemoth SABMiller plc
Among the banks, Westpac was 13 cents lower at $20.38, National Australia Bank was 20 cents lower to $23.16. ANZ fell 16 cents to $20.42 and Commonwealth Bank lost eight cents to $47.32.
At 1615 AEST The price of gold in Sydney was $US1,794.7 per fine ounce, up $US7.55 from Wednesday’s local close at $US1,787.15.
Shares in gold miner Newcrest Mining were down 43 cents, or 1.1 per cent, to $38.66.
Preliminary national turnover was 234 billion shares worth $5.13 billion, with 355 stocks up, 653 down, and 348 were steady.
