The Australian share market has closed modestly lower as investors await Australian inflation data, a US decision on interest rates and US economic figures.
Resources stocks were the biggest weight on the local bourse, pulled back by lower prices for oil and iron ore.
Phillip Capital senior client adviser Michael Heffernan said there was no major company or economic news to really drive the market.
“We’ve had a reasonable time over the last couple of weeks, and the leads from overseas were nothing significant,” Mr Heffernan said.
“That’s the way our market performed today – waiting for things like the CPI (inflation figures) coming out here tomorrow, the American central bank decision on interest rates and US GDP figures coming out this week as well.
“We’re in a bit of a hiatus waiting for some real economic or market information.”
In the resources sector, global miner BHP Billiton fell 60 cents to $19.76, Rio Tinto dropped $1.56 to $49.44, and Fortescue Metals lost 21 cents at $3.15.
Oil and gas producer Woodside Petroleum rose 40 cents to $28.25, Santos retreated 17 cents to $4.45, and Oil Search slipped five cents to $6.90.
Goldminer Newcrest Mining dipped 18 cents to $17.72 as it reaffirmed its full-year gold production guidance.
BlueScope Steel was off 21 cents at $6.57 after it said it plans to raise $US300 million ($A388.93 million) on the US debt market.
Among the major banks, ANZ eased 10 cents to $24.25, National Australia Bank dipped 14 cents to $27.50, Commonwealth Bank added 58 cents to $75.62, and Westpac climbed 26 cents to $31.58.
Real estate group REA jumped $1.89 to $52.04 after it bought Australia’s largest shared accommodation website for an initial $25 million.
KEY FACTS:
* At 1623 AEST, the benchmark S&P/ASX200 index was down 15.8 points, or 0.3 per cent, at 5,220.6 points.
* The broader All Ordinaries index was down 15.6 points, or 0.29 per cent, at 5,283.6 points.
* The June share price index futures contract was down 41 points at 5,195 points, with 30,789 contracts traded, according to preliminary calculations.
* Preliminary national turnover was 3.2 billion securities traded, worth $5.61 billion.
