The Australian share market posted its 13th day of losses in 17 trading sessions amid worries about global economic growth and the winding back of stimulus packages.
The Australian market has given up 10 per cent of its value in three weeks.
One bright spot was that some surprisingly good Australian unemployment data led to the paring back of losses that led to the market closing 0.6 per cent down after being 1.3 per cent lower at midday.
The ASX was in a form slump and heavy falls in Japan and the US’s markets amid potential winding back of central bank stimulus there weren’t helping, said CMC Markets senior trader Tim Waterer.
“The market seems to be very cagey at the moment, with traders positioning themselves for a future world without stimulus even though that is still some time down the track,” he told AAP.
The resources space dragged the market down due to its sensitivity to slowing economic growth, which means its materials are less in demand.
BHP Billiton shed 85 cents, or 2.58 per cent, to $32.12 and Rio Tinto dropped $1.26, or 2.39 per cent, to $51.57.
Embattled gold producer Newcrest Mining was slammed again in the wake of its recent write-downs and profit downgrades, falling 52 cents, or 4.36 per cent, to $11.41.
The big banks had a good day, posting gains after news that unemployment was down and offsetting some of the losses.
CBA gained 65 cents to $65.77, NAB improved 32 cents to $28.37, ANZ Bank found 46 cents to $27.01 and Westpac gained 71 cents to $28.18.
In equities news, Suncorp has sold a $1.6 billion non-performing loan portfolio to Goldman Sachs for 60 cents in the dollar.
Suncorp shares were down 21 cents, or 1.77 per cent, to $11.65.
KEY FACTS
* At the close on Thursday, the benchmark S&P/ASX200 index was 28.7 points, or 0.61 per cent, lower at 4,695.8.
* The the broader All Ordinaries index was down 31.2 points, or 0.66 per cent, at 4,684.9.
* The June share price index futures contract was 46 points lower at 4,684, with 36,227 contracts traded.
* The spot price of gold in Sydney finished at US$1389.90, up $US12.51 from Wednesday’s close at US$1377.39.
* National turnover was 1.62 billion securities worth $5 billion.
