The share market has fallen for a fourth straight session as investors weigh up a possible escalation of conflict in Ukraine and potential interest rates hikes in the US.
Reports that Russia is massing troops on the Ukraine border and anticipation that the US central bank is signalling the beginning of its rate-lifting cycle pulled US and Asian markets lower.
OptionsXpress market analyst Ben Le Brun said the local market’s fall of 0.12 per cent was a better performance than other markets in the region.
“The market has not done that well but is definitely outperforming the region,” he said.
Fear of escalating conflict in the Ukraine was not a strong factor for local investors, he said.
Strong earnings reports from companies in coming days and weeks could also partly insulate the local market from any correction on Wall Street, Mr Le Brun added.
“Looking at the performance of Rio Tinto, which is due to report tomorrow, there might just be a little bit of buying ahead of that fact,” he said.
“We’re playing a bit of wait-and-see, and, hopefully, we do start to march to the beat of our own drum with some stronger earnings despite whatever what is happening in an offshore context.”
According to preliminary closing data, Rio Tinto added 49 cents to $65.82, BHP Billiton rose 31 cents to $38.32 and Fortescue Metals dropped one cent to $4.69.
Mining services provider Ausdrill sank 9.5 cents, or 8.9 per cent, to 97 cents, after the company flagged another profit writedown and warned a recovery in the industry would likely be slower than expected.
Among the major banks, Commonwealth Bank lost 35 cents to $81.71, ANZ dropped 16 cents to $32.98, National Australia Bank shed six cents to $34.63 and Westpac was steady at $33.67.
Explosives producer Orica fell by 68 cents to $20.67 as the company unveiled plans to demerge its chemicals business.
KEY FACTS
* On Wednesday at 1615 AEST, the benchmark S&P/ASX200 index was down 6.6 points, or 0.12 per cent, at 5,512 points, according to preliminary closing figures.
* The broader All Ordinaries index was down 7.5 points, or 0.14 per cent, at 5,504 points.
* The September share price index futures contract was down 18 points at 5,456 points, with 24,998 contracts traded.
* National turnover was 1.45 billion shares worth $3.9 billion.
