The share market has fallen further away from the key 6,000 point level as a recovery in commodity prices failed to boost the big miners.
Iron ore prices in China edged closer to the $US60 a tonne mark but investors instead used a weak lead from Wall Street to take profit on mining stocks, hindering the market’s ability to reach a milestone last reached in early 2008.
“We’re just seeing a little bit of a breather today,” Morgans private client adviser Alistair McCorquodale said.
Mining giant BHP Billiton shed 15 cents to $32.42, Rio Tinto dropped 98 cents to $58.79 while iron ore player Fortescue dropped 12 cents, or 4.7 per cent, to $2.45.
Healthcare stocks posted the heaviest losses, with CSL down $1.55 at $93.73, ResMed giving up 33 cents to $8.13 and condom and glove maker Ansell down $1.23, or 4.3 per cent, to $27.43.
Vitamins maker Blackmores added 20 cents to $59.65 after forecasting a record full year profit on the back of a 125 per cent profit increase for the March quarter compared with the same period last year.
Oil and gas explorer Beach Energy was down 3.5 cents, or three per cent, at $1.155 after announcing a 43 per cent drop in sales revenue for the March quarter.
The broader energy sector was weaker as oil prices fell during offshore trade, with Woodside down 31 cents at $35.58 and Oil Search losing 18 cents to $8.25.
Among the banks, Commonwealth Bank was down 14 cents to $92.58, National Australia Bank fell seven cents to $38.38, Westpac shed 46 cents to $38.39 and ANZ slipped 17 cents to $35.41.
But Woolworths added 57 cents to $29.80 on a good day for consumer staples.
KEY FACTS
* At 1615 AEST on Tuesday, the benchmark S&P/ASX200 index was 34.2 points, or 0.57 per cent, lower at 5,948.5.
* The broader All Ordinaries index was down 33.3 points, or 0.56 per cent, at 5,921.5.
* The June share price index futures contract was 43 points lower at 5,929, with 22,644 contracts traded.
* The price of gold in Sydney at 1700 AEST was $US1,200.80 per fine ounce, up $US19.90 from $US1,180.90 on Monday
* National turnover was 1.4 billion securities worth $4.5 billion.