Aust stocks close lower
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The Australian stock market has closed lower as the mining services sector took a hit after a profit warning from WorleyParsons Ltd.
At the 1615 AEDT official market close, the benchmark S&P/ASX200 index fell 0.84 per cent to 5,307.7 points, while the broader All Ordinaries index lost 0.81 per cent to 5,304.6 points.
IG analyst Stan Shamu said the market has been under significant pressure today, with widespread selling across the major sectors.
"It is a tough day for mining services companies after a profit warning from WorleyParsons saw its shares experience double digit losses and trade at its lowest level since 2003," Mr Shamu said.
"Other mining services names have also endured selling pressure with hefty losses for the likes of Monadelphous, UGL, Boart Longyear and Bradken."
Investors also digested weak Wall Street leads, a dovish tone from the United States Federal Reserve and a lift in China's growth forecast from the OECD, Mr Shamu said.
Materials were mostly lower, with the major miners in the red.
BHP Billiton retreated 0.92 per cent at $37.55, while rival Rio Tinto slipped 0.66 per cent to $64.73.
Fortescue Metals lost 1.53 per cent to $5.79, while Newcrest fell 1.09 per cent to $9.06.
Whitehaven Coal rose 0.33 per cent to $1.50.
In energy, Oil Search fell 0.95 per cent to $8.35, while Santos shed 1.66 per cent to $14.26 andWoodside Petroleum fell 1.01 per cent to $38.11.
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