Australia’s big four banks have pulled the Australian share market more than half a percentage point lower, losing ground for a second straight session.
CMC Markets chief market analyst Ric Spooner said sellers had returned to the market in the absence of any key news events on Wednesday.
“Profit taking in banks and yield stocks yesterday has continued,” Mr Spooner said.
The subdued performance on the local market was not helped by a weaker performance on Asian markets.
The worst performing bank was ANZ which lost 33 cents, or 1.2 per cent, to $27.44, while Commonwealth Bank fell 64 cents, or 0.8 per cent, to $79.00, National Australia Bank dropped 25 cents, or 0.84 per cent, to $29.57 and Westpac finished one cent, or 0.03 per cent, lower at $31.70.
The big miners were also under pressure as the price of iron ore sank below $US44.00.
BHP Billiton fell four cents to $19.67, Rio Tinto lost 28 cents to $47.14 and Fortescue Metals Group was three cents poorer at $2.08.
OceanaGold was 17 cents, or 7.2 per cent, higher at $2.52 on the back of a stronger gold price.
Rising oil prices helped energy stocks, with Santos up 14 cents at at $4.17.
Shares in the Australian Agricultural Company were up 3.5 cents, or 2.4 per cent, at $1.505, after the company reported a first half profit of $50 million, the first profit in eight years.
However, Ainsworth Game Technology fell 11 per cent after the poker machines supplier the company’s top developer and strategist has resigned, it closed at $2.35, down 29 cents.
KEY FACTS
*At the close on Wednesday, the benchmark S&P/ASX200 index was down 32.7 points, or 0.63 per cent, at 5,193.7.
* The broader All Ordinaries index was down 31.8 points, or 0.6 per cent, at 5,245.2.
* The December share price index futures contract was down 21 points at 5,192 with 22,833 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,078.70 per fine ounce, up $US7.40 on Tuesday’s price of $US1,071.30.
* At 1700 AEDT, national turnover was 2.78 billion securities worth $5.2 billion.
