The share market has fallen as energy, resources and financial companies felt the impact of weaker than expected Chinese trade data.
The benchmark S&P/ASX 200 index dropped 0.71 per cent, with eight of the 12 market sectors in the red.
The market was weaker in morning trade on the back of lower oil prices and a lacklustre session on Wall Street, and fell further after the release of Chinese trade numbers, Bell Direct equities analyst Julia Lee said.
“The numbers were a big miss on every measure, and a big impact on currencies as well as markets,” she said.
China posted a smaller than expected trade surplus in September as exports decreased and imports surpisingly fell.
Rio Tinto lost $1.43, or 2.7 per cent, to $51.57, BHP Billiton dropped 69 cents, or 2.9 per cent, to $51.57 and Fortescue Metals shed 13 cents, or 2.6 per cent, to $4.90.
The major energy companies also lost ground due to a fall in oil prices caused by OPEC’s September report showing production at an eight year high.
Oil Search was the worst performer, losing 27 cents, or 3.6 per cent, to $7.23, while Woodside dropped 49 cents to $29.48 and Origin dipped nine cents to $5.56.
Commonwealth Bank lost 46 cents to $74.53, Westpac fell 45 cents to $30.38, ANZ dropped 44 cents to $27.79 and National Australia Bank was 22 cents weaker at $27.94.
Insurers QBE, IAG and Suncorp also lost ground, and biotechnology giant CSL dropped $1.57 to $104.97.
Gold miners, including Newcrest and Evolution Mining bucked the broader trend as investors sought safe haven stocks, Ms Lee said.
Newcrest jumped 95 cents to $21.43 and Evolution gained 10 cents to $2.25.
KEY FACTS:
* The benchmark S&P/ASX 200 index dropped 39.1 points, or 0.71 per cent, to 5,435.5 points.
* The broader All Ordinaries index fell 36.9 points, or 0.66 per cent, to 5,518.3 points.
* The December share price index futures contract was 40 points lower at 5,415 points, with 29,765 contracts traded.
* National turnover was 2.4 billion securities traded, worth $5.5 billion.
