The share market’s winning streak has come to an end as the resources sector was dented by weaker commodity prices.
The benchmark S&P/ASX200 index dropped 0.69 per cent, but rises in the three previous days meant the market still managed a gain of 1.5 per cent for the week.
Friday was only the second day in the last nine trading sessions the market has finished in the red.
IG chief market strategist Chris Weston said pressure on steel prices had sparked profit taking among the large mining stocks after several days of solid gains.
“We’re seeing profit taking in a sector that has run very, very hot,” Mr Weston said.
“The losses in mining stocks have been pronounced.”
Money had continued to flow into the banks ahead of the release of their financial reports, he said.
BHP Billiton fell 69 cents, or 3.3 per cent, to $20.36, Rio Tinto dropped $1.55, or 2.95 per cent, to $51.00 while Fortescue Metals suffered a 26 cent, or 7.2 per cent, fall to $3.36.
Energy giant Woodside Petroleum fell 10 cents to $27.85, while Santos failed to turn a first quarter rise in production and sales into a share market gain, slipping one cent to $4.62.
The big four banks were mixed, with NAB up 12 cents at $27.64, Westpac adding 17 cents to $31.32 and ANZ five cents higher to $24.35, while Commonwealth lost 44 cents to $75.04.
KEY FACTS:
* The benchmark S&P/ASX 200 index dropped 36.3 points, or 0.69 per cent, to 5,236.4 points.
* The broader All Ordinaries index shed 37.2 points, or 0.7 per cent, to 5,299.2 points.
* The June share price index futures contract was down 40 points at 5,217 points, with 33,997 contracts traded.
* The price of gold in Sydney at 1700 AEST was $US1,245.30 per fine ounce, down $US12.93 on Thursday’s price of $US1,258.23.
* National turnover was 3.2 billion securities traded, worth $5.2 billion.
