The share market has closed slightly lower as higher prices for iron ore and oil boosted most major mining and energy stocks, but the banks went backwards.
CMC chief market analyst Ric Spooner said buyers were cautious about extending the market’s rally, which began in the early part of the year.
“Things have just fluttered around looking for some catalyst,” he said.
Any significant movements in the US dollar would affect commodities stocks, but the biggest risk for the wider market in the near term is the June 23 UK referendum on leaving the European Union, Mr Spooner said.
In the resources sector on Thursday, BHP Billiton added seven cents to $19.61, Rio Tinto gained 27 cents to $45.44 and Fortescue Metals was 11 cents higher at $3.27.
Oil and gas producer Woodside Petroleum shed 37 cents to $27.35, but Santos lifted seven cents to $4.81 and Oil Search advanced two cents to $7.00.
Among the banks, Commonwealth Bank descended 69 cents to $76.30, Westpac dropped 27 cents to $30.33, ANZ dumped 23 cents to $24.50 and National Australia Bank gave away six cents to $26.41.
Elsewhere, Surfstitch plummeted 8.5 cents, or 21 per cent, to 32 cents after the sports retail group issued a profit warning.
Packaging giant Amcor fell $1.30, or 8.1 per cent, to $14.85 after it said its profit will be hit by foreign exchange losses and a restructuring in its flexibles business.
KEY FACTS:
* On Thursday, the benchmark S&P/ASX 200 index dropped 8.1 points, or 0.15 per cent, to 5,361.9 points.
* The broader All Ordinaries index shed 3.7 points, or 0.07 per cent, to 5,437.4 points.
* The June share price index futures contract was down 12 points at 5,362 points, with 28,724 contracts traded.
* The spot price of gold in Sydney at 1700 AEST was $US1,261.80 per fine ounce, up $US11.40 from $US1,250.40 on Wednesday.
* National turnover was 2.8 billion securities traded, worth $4.68 billion.
