Aust stocks close lower

Local market pulls back from five-year high on material falls, tapering worries.

The Australian stock market closed slightly lower today, pulling back from yesterday's fresh five-year high as investors around the world ready for a possible tapering announcement next week.

At the 1615 AEST official market close, the benchmark S&P/ASX200 index fell 0.44% to 5,219.6 points, while the broader All Ordinaries index slipped 0.45% to 5,214.7 points.

IG analyst Stan Shamu said the cautious tone in United States trade overnight extended into Asian markets today.

"Focus has now switched from Syria and back to quantitative easing tapering as we approach next week’s [US Federal Reserve] Federal Open Market Committee meeting," Mr Shamu said.

Locally, he said materials have been lagging the market after leading it all week, as gold names fell and the major miners dropped.

"Risk assets seem to be running out of steam heading into the weekend with a lack of fresh catalysts to keep pushing markets higher," he said.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles