Aust stocks close slightly lower
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The Australian sharemarket has closed slightly lower today, with low turnover as investors sit on their hands ahead of tomorrow night's federal budget.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index lost 12.4 points, or 0.23%, at 5,448.4 points, while the broader All Ordinaries index shed 13 points, or 0.24%, to 5,429 points.
Maxim Asset Management investment director Winston Sammut said that although much of the budget news has already been leaked, investors want to wait for confirmation before making buying decisions.
"The market is drifting down on little buying support. There's a certain degree of uncertainty," Mr Sammut said.
"I'm of the view the market will likely drift down over the course of this month.
"A lot of offshore managers are getting ready to go on holidays.
"It's probably up to the domestic [investors] to pick this market up if they're happy with the budget."
Locally, the NAB monthly business survey showed conditions slipped in April, but confidence rose, undeterred by talk of a "tough" budget.
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