The share market has finished weaker for the first time since April Fool’s Day as the big miners took a hit.
BHP Billiton and Rio Tinto shares slid as crude oil prices plunged overnight and the China’s Metallurgical Industry Planning Association forecast weaker demand for steel-making iron ore.
“All the forecasts both official and unofficial … are all saying we’re not going to see any upturn in iron ore any time soon,” Patersons Securities economist Tony Farnham said.
BHP shed 55 cents, or 1.8 per cent, to $30.19, Rio Tinto lost 42 cents to $56.58 and iron ore pure play Fortescue Metals dropped five cents, or 2.6 per cent, to $1.89.
But BC Iron added two cents, or 7.3 per cent, to 29.5 cents after announcing it expected to achieve the lower end of its cash cost guidance.
Australia’s biggest oil and gas producer, Woodside Petroleum, gave up all of Wednesday’s gains, falling 94 cents, or 2.7 per cent, to $34.13.
Santos lost four cents to $7.37 and Oil Search was two cents weaker at $7.62.
The banks all dropped, with Commonwealth Bank down 15 cents at $93.85, ANZ lost 17 cents at $36.62, Westpac shed 24 cents to $39.52 and National Australia Bank gave up seven cents to $39.38.
Financial giant Macquarie gained 49 cents to $79.70 after buying US group’s Apache’s Australian oil and gas assets in a $US2.1 billion ($A2.73 billion) deal.
KEY FACTS
* At 1615 AEST on Thursday, the benchmark S&P/ASX200 index was down 28.5 points, or 0.48 per cent, at 5,932.2.
* The broader All Ordinaries index was down 26.8 points, or 0.45 per cent, at 5,901.5.
* The June share price index futures contract was down 32 points at 5,927, with 15,597 contracts traded.
* National turnover was 1.7 billion securities worth $4.7 billion.
