The share market has posted a slight fall as investors cautiously wait on news from a policy meeting of the European Central Bank.
There was support for the banks early in the session, but that softened by the close of trade, while strong gains in the energy sector also moderated.
Patersons Securities economist Tony Farnham said investors had taken a breather ahead of the ECB rate decision on Thursday night, Australian time.
“It’s been a cautious day and I guess that makes sense ahead of the ECB policy meeting tonight,” Mr Farnham said.
“The market’s expecting a reasonable dose of further cuts in deposit rates which were already negative.
“Also, there is talk that the quantitative easing program would be extended.
“If that doesn’t get delivered to the extent people are excepting there might well be a nervous reaction in the markets.”
Commonwealth Bank dropped 17 cents to $76.14, National Australia Bank added 12 cents to $27.67, ANZ gained one cent to $25.49 and Westpac was one cent weaker at $32.52.
The miners also had mixed fortunes after the price of iron ore slipped below $US60 a tonne, with BHP Billiton 16 cents lower at $17.70 and Rio Tinto up 43 cents to $44.73.
Fortescue Metals Group was steady at $2.71.
Energy stocks were boosted by a rise of almost five per cent in oil prices, with Santos up four cents to $3.83, Oil Search up 10 cents to $7.33 and Origin Energy six cents higher at $5.08.
Woodside Petroleum was the exception, dropping 15 cents to $26.68.
SurfStitch shares surged after co-founder and chief executive Justin Cameron quit the online retailer to join forces with a private equity group considering a takeover offer for the company.
SurfStitch added up to 23 cents during the session, and closed 13 cents higher at $1.315.
KEY FACTS:
* At 1620 AEDT, the benchmark S&P/ASX200 index was down 7.1 points, or 0.14 per cent, at 5,150.1 points.
* The broader All Ordinaries index was down 4.8 points, or 0.09 per cent, at 5,210.9 points.
* The March share price index futures contract was up two points at 5,157 points, with 32,544 contracts traded.
* National turnover was 2.5 billion securities traded, worth $4.8 billion.
