The Australian share market has closed lower in the wake of weak overseas leads and falling commodity prices.
CMC Markets chief market strategist Michael McCarthy said several factors had pulled back the local bourse on Wednesday.
“First of all, we had those weak leads from overseas markets,” he said.
“But more important for the share market falls was the continuing pressure on commodities (iron ore, copper, oil and gold) – part of that is due to US dollar strength.”
Furthermore, more than 40 companies were trading ex-dividend across the Australian market, including heavyweight Woolworths.
In the resources sector, global miner BHP Billiton fell 30 cents to $35.80, Rio Tinto reversed 24 cents to $61.53, and iron ore miner Fortescue Metals lost 11 cents to $3.93, according to preliminary closing figures.
Oil and gas producer Woodside Petroleum scraped off one cent at $42.73, and Santos surrendered 10 cents to $14.73.
Among the major banks, Commonwealth Bank was steady at $81.54, ANZ dropped 12 cents to $33.36, Westpac gained 15 cents to $34.76, and National Australia Bank sagged eight cents to $34.55.
Supermarket operator Woolworths lost 82 cents, or 2.25 per cent, to $35.66.
Discretionary retailer JB Hi-Fi was four cents lower at $17.05, and Harvey Norman shed five cents to $3.72 as new data showed that consumer confidence has dropped again amid renewed worries about the federal budget.
According to the Westpac Melbourne Institute Index of Consumer Sentiment, which was released on Wednesday, confidence fell by 4.5 per cent in September to 94 points.
On Wall Street in the US on Tuesday stocks fell, pulled down by major banks after the Federal Reserve signalled more stringent capital requirements.
KEY FACTS
* According to preliminary closing figures, the benchmark S&P/ASX200 index was down 33.6 points, or 0.6 per cent, at 5,574.3 points.
* The broader All Ordinaries index was down 33.8 points, or 0.6 per cent, at 5,574.4 points.
* The September share price index futures contract was down 27 points at 5,576 points, with 24,712 contracts traded.
* Preliminary national turnover was 1.55 billion securities worth $3.95 billion.
