The Australian stock market has closed lower as investors worry that the US Federal Reserve may accelerate its tapering program.
CommSec analyst Tom Piotrowski said weak volumes reflected a lucklustre day on the local bourse.
“…. The main focus is to be able to get through tonight’s session in the US,” he said.
Markets are on guard for a stronger-than-expected US jobs result in the US overnight.
Mr Piotrowski said a strong jobs result would put investors on edge about the potential for the US Federal Reserve to taper at a faster rate.
“That’s the main dynamic at play,” he said.
Also weighing on the Australian market was Rupert Murdoch’s Twenty-First Century Fox after it announced plans late on Thursday to remove its listing from the Australian Securities Exchange (ASX), following its demerger from News Corp last year.
Its voting shares had slumped by $1.77, or 4.65 per cent, to $36.31 and non-voting stock was off $1.25, or 3.23 per cent, to $37.39.
“It has certainly caused a stir in their share price. There is no talk of a share buyback or anything like that to mediate any sort of issue with them moving their shares to the other side of the world,” IG Market analyst Evan Lucas said.
The big miners were the biggest drag on the market with financials and consumer staples performing well.
BHP Billiton was down 53 cents to $36.44 and Rio Tinto had lost $1.65 to $63.65.
KEY FACTS
* At 1615 AEDT on Thursday, the benchmark S&P/ASX200 index was down 12 points, or 0.23 per cent, at 5,312.4.
* The broader All Ordinaries index was down 11.2 points, or 0.21 per cent, at 5,316.3.
* The March share price index futures contract was down seven points at 5,286, with 13,183 contracts traded.
* National turnover was 1.9 billion securities worth $3.4 billion.
