Aust stocks close weaker

Selling momentum builds after weakness in Asia, ongoing iron ore worries.

The Australian sharemarket closed weaker today, with selling momentum building after weakness in Asia and ongoing nervousness about iron ore, despite an upbeat GDP print.

At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index slipped 34.9 points, or 0.64%, to 5,444.8 points, while the broader All Ordinaries index dropped 33.7 points, or 0.62%, to 5,426.8 points.

CMC market analyst Ric Spooner said the market didn't attach a great deal of significance to today's economic growth figures.

"Widespread weakness today in the market, and also following some weakness in Asia, indicate that the market's building on the selling momentum that was created yesterday," Mr Spooner said.

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