The Australian stock market closed weaker today as resources stocks were pulled back by lower commodity prices and a sagging United States market.
CMC Markets market analyst David Land said the outlook for the resources sector was still reasonably strong but it was subject to occasional volatility.
"It was one
of those days in terms of commodities where falls were seen across most areas of the resources sector: base metals, gold, oil - so it pretty much put people in a selling mood," Mr Land said.
At the 1615 AEDT close, the benchmark S&P/ASX200 was down 24.2 points to 4879.7 while the all ordinaries fell 23.8 points to 4843.6.
On the Sydney Futures Exchange, the March share price index contract shed 24 points to 4881, according to preliminary calculations.
Mr Land said some stocks in the consumer sector had made good gains today, including supermarket operator Woolworths and clothing retailer Just Group.
"Woolworths has been seeing some good gains pretty much since their profits results, which people were pleased with, and the Just result out today was a decent one as well," he said.
Just Group rose 11 cents to $3.24 today as the company reported a 25 percent jump in first half net profit despite a trading environment in which some of its peers have struggled.
On Wall Street overnight, the Dow Jones industrial average was down 63.0 points to 10,958.59.
In the resources sector, global miner BHP Billiton dumped 51 cents to A$24.00 as it announced a major shake-up of its top executives.
Rio Tinto retreated A$1.25 to A$69.60, and Alumina backtracked 25 cents to A$6.68.
Oil and gas producer Woodside Petroleum backtracked 79 cents to A$40.61, and Santos surrendered 31 cents to A$11.02.
Among gold stocks, Newmont gave away 25 cents to A$6.98, Newcrest was 60 cents lighter at A$21.15, and Lihir eased three cents to A$2.31.
The price of gold at 1627 AEDT was $US556.20 per fine ounce, down $US10.90 on yesterday's close.
In the banking sector, the National Australia Bank dipped 10 cents to A$36.72, Westpac slipped 19 cents to A$22.86, the Commonwealth Bank descended 25 cents to A$43.45, and the ANZ inched up one cent to A$25.70.
Among the telcos, Hutchison Telecommunications Australia lost one cent to 27 cents after posting a A$547.30 million annual net loss.
Telstra was off two cents at A$3.86, and Optus-owner Singapore Telecommunications picked up two cents to A$2.22.
In the media sector, News Corp lifted two cents to A$23.60 while its non-voting scrip fell two cents to A$22.20.
Publishing and Broadcasting gained five cents to A$17.52 as analysts backed its A$US900 million (A$A1.21 billion) acquisition of a Macau gaming subconcession.
Fairfax added five cents to A$3.95.
Regional TV provider Prime Television was steady at A$3.32 as it banks on a raft of hit shows provided by affiliate Seven Network Ltd to offset a subdued advertising market this year.
Among the retailers, Woolworths put on 11 cents to A$18.96, and Coles Myer eased three cents to A$9.91.
Among other stocks, gaming firm SkyCity Entertainment Group was off six cents at A$4.43 as managing director Evan Davies fuelled takeover speculation for Unitab Ltd, describing the two companies as "complementary".
Unitab was one cent richer at A$13.62.
The top traded stock by volume was Lakes Oil, with 79.24 million shares worth A$1.73 million changing hands. Lakes Oil was up 0.3 cents at 2.2 cents.
Preliminary national turnover was 1.33 billion shares worth A$3.6 billion, with 469 stocks up, 599 down and 331 unchanged.
- AAP
The Australian stock market closed weaker today as resources stocks were pulled back by lower commodity prices and a sagging United States market.
CMC Markets market analyst David Land said the outlook for the resources sector was still reasonably strong but it was subject to occasional volatility.
"It was one
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