The share market has closed slightly lower on a day marked by a sharp fall in GrainCorp shares after the federal government blocked a foreign takeover.
US markets were closed for the Thanksgiving holiday, meaning local news dominated trade.
Lonsec senior client adviser Michael Heffernan said the local market’s slightly weak performance was unsurprising.
“With America closed for Thanksgiving Day, there’s nothing much happening,” he said.
The drop in GrainCorp’s share price was the most noteworthy event of the day.
“It certainly got belted around a bit. It just shows how much stocks can move when there’s negative news,” Mr Heffernan said.
GrainCorp shares lost $2.48, or 22.1 per cent, to $8.72, after Archer Daniels Midland’s takeover was blocked by the federal government on national interest concerns.
The shares hit a low of $8.25 on the news.
Mining giant Rio Tino was one of the day’s better performers, adding $1.64 to $66.06 after it announced it would close its loss-making Northern Territory alumina refinery, which employs 1,500 people.
BHP Billiton gained 20 cents to $37.39 and Fortescue Metals improved three cents to $5.68.
Energy stocks fell heavily, with Woodside losing 75 cents to $37.40, Oil Search dropping 16 cents to $8.00 and Santos shedding 18 cents to $14.00.
Among the major banks, Commonwealth Bank dropped 20 cents to $77.82, Westpac shed 12 cents to $32.88, ANZ lost 14 cents to $31.90 and National Australia Bank gained four cents to $34.58.
KEY FACTS
* At 1617 AEDT on Friday, the benchmark S&P/ASX200 index was down 14.3 points, or 0.27 per cent, at 5,320 points.
* The broader All Ordinaries index was down 12.3 points, or 0.23 per cent, at 5,314.3 points.
* The December share price index futures contract was 28 points lower at 5,324 points, with 19,470 contracts traded.
* National turnover was 1.57 billion securities worth $5.28 billion.
