Stocks fall, mines and banks gain
Australian sharemarket falls, miners and banks intensify
AUSTRALIA'S sharemarket today snapped a four-day winning stripe, closing a little weaker despite gains to miners and some banks.
The benchmark S&P/ASX 200 exponent closed down 5.8 points, or 0.13 per cent, at 4524.1 points, in which case the broader All Ordinaries index fell 5.9 points (0.13 by cent) at 4536.2 points.
On the Sydney Futures Exchange, the September part price index contract was 13 points lower at 4495 on a book of 19,222 contracts.
Austock Securities senior client adviser Michael Heffernan reported it was comforting that the market had held over the psychological barrier of 4500 points.
“After a good performance yesterday, it is not a mischievous result at all in my view,” Mr Heffernan said.
“The domination of the market clearly was the relatively strong performance by more of the resources stocks.
“It is a very strong convalescence from the depths of about a month ago.”
Mining hercules BHP Billiton closed up 26 cents (0.65 per cent) at $40.46, during the time that rival Rio Tinto rose 46c to $71.50. Rio late today announced a multi-billion dollar internode venture with Chinalco in Guinea.
Gold producers were mixed, with Newcrest Mining the floor 6c at $32.72; Lihir Gold was steady at $4.06.
Gold in Sydney was trading at $US1168.20 per fine ounce, up $US4.25 on yesterday’s terminate.
Overall the materials and resources sectors both finished in the inky.
Financials also finished slightly up, despite a mixed performance by the swollen banks.
Commonwealth Bank was up 41c at $53.01 and Westpac rose 10c to $24.25 if it be not that National Australia Bank declined 1c to $25.33 and ANZ hurl down 4c to $23.19.
Macquarie finished down 47c at $38.39.
Major bottom stocks were weaker, with Woodside Petroleum down 44c at $41.72 and Oil Search losing 9c to $5.88.
Santos dropped 24c to $13.57 space of time Origin Energy edged down 1c at $15.63.