Aust stocks close slightly lower

Local share market ends long run of gains as investors await imminent QE tapering timeline.

The Australian stock market ended its long run of gains to close slightly lower as investors wait for the US Federal Reserve's decision on reducing stimulus.

At the official market close of 1615 AEST, the benchmark S&P/ASX200 index fell 0.25% to 5,238.1 points, while the broader All Ordinaries index was 0.28% lower at 5,230.4 points.

IG market analyst Stan Shamu said the market was biding its time ahead of the Federal Market Open Committee announcement, due at 0400 AEST Thursday morning.

"There is clearly indecision heading into the FOMC meeting," he said.

"After a mildly firmer open, the local market has lost some ground with no confidence to hold on to positions at elevated levels."

Materials led the slump amid falling iron ore and gold prices, he said, while the big banks were in the black after Bank of America Merrill Lynch upgraded National Australia Bank's stock to buy (from underperform).

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