THE sharemarket finished marginally lower yesterday, as the big banks helped balance the losses by the miners, who were weighed down by weaker commodity prices.
The benchmark S&P/ASX200 Index slipped 3.2 points to 4483.4.
Materials lost 0.8 per cent, energy fell 0.4 per cent, but financials and consumer staples both gained 0.3 per cent.
"It was a real battle between the banks and the miners, certainly it was a pretty flat session, with not a lot of conviction coming through from offshore movement," said CommSec markets analyst Juliette Saly.
"On Friday, we did see the financials weigh on Wall Street, European markets were also lower, weaker on commodity prices, and those weaker commodity prices are certainly taking away from the miners," Ms Saly said.
BHP dropped 0.6 per cent, to $33.35, while Rio Tinto fell 1 per cent to $55.82. Fortescue Metals lost 3.4 per cent to finish at $3.72. Aquarius Platinum was also under pressure, falling 6.5 per cent to 58? on reports its Zimbabwean joint venture had paid royalties to the country's government.
Among the banks, ANZ added 0.4 per cent to $25.77, CBA rose 0.1 per cent to $56.93, NAB jumped 0.5 per cent to $26.34, while Westpac traded relatively flat at $25.69.
Billabong continued its spiral down, falling a further 6.6 per cent, to 78?, as investors fled the surfwear retailer after private equity firm TPG withdrew its bid for the company on Friday.
Ten Network also suffered on speculation that a buyer for its outdoor advertising business, Eye Corp, was considering pulling its bid. The broadcaster lost 5.4 per cent, to finish at 35?.
"Apparently it's been looking at the books and isn't entirely convinced. Though Ten says the talks still continue," said Ms Saly.
Among other media stocks, Seven West Media dropped 1.9 per cent to $1.28, Fairfax lost 1.3 per cent to 38.5? and News Ltd edged up 0.1 per cent to finish at $24.15.
Chinese data, including gross domestic product and retail sales, due out on Thursday, and earnings reports from the US were likely to shape the Australian market this week, Ms Saly said.
"The other encouraging thing to note is that we are still relatively holding near 14-month highs, so certainly a bit of a flat start to the trading week, but nothing to panic about," she said.
The dollar is half a cent lower, failing to hold on to the weekend gains that came after the announcement of a surge in Chinese exports, which rose 9.9 per cent in the year to September 30.
At 5pm yesterday, the dollar was trading at US102.23?, down from US102.77? on Friday. CMC foreign exchange dealer Tim Waterer said the Australian dollar started the day on the front foot but then fell away.
Frequently Asked Questions about this Article…
Why did the ASX 200 finish marginally lower today and what was the overall market move?
The S&P/ASX 200 slipped 3.2 points to 4,483.4 as weaker commodity prices weighed on miners while big banks helped offset those losses. The session was fairly flat with mixed sector performance and limited conviction from offshore markets, according to CommSec markets analyst Juliette Saly.
How did the miners perform and which mining stocks fell on the ASX?
The materials sector fell 0.8% as weaker commodity prices hit miners. BHP dropped 0.6% to $33.35, Rio Tinto fell 1% to $55.82 and Fortescue Metals lost 3.4% to $3.72. Smaller names like Aquarius Platinum were also under pressure, falling 6.5% on reports about its Zimbabwean joint venture paying royalties to the government.
Which major banks helped support the market and how did their shares move?
Financials gained 0.3% overall as the big four banks provided support. ANZ added 0.4% to $25.77, Commonwealth Bank (CBA) rose 0.1% to $56.93, NAB jumped 0.5% to $26.34, while Westpac traded relatively flat at $25.69.
What happened to Billabong shares and why did investors sell?
Billabong continued to fall, dropping a further 6.6% as investors reacted after private equity firm TPG withdrew its bid for the surfwear retailer, prompting a flight from the stock.
Why did Ten Network and some media stocks decline on the ASX?
Ten Network fell 5.4% amid speculation that a buyer for its outdoor advertising business Eye Corp was considering pulling its bid — although talks were said to continue. Other media names were mixed: Seven West Media dropped 1.9%, Fairfax lost 1.3%, while News Ltd edged up 0.1%.
Which sectors led gains and losses on the day and what were the sector percentages?
Materials led the losses, down about 0.8%, and energy fell roughly 0.4%. Financials and consumer staples were the best performers, each gaining about 0.3% as bank strength helped offset miner weakness.
How did the Australian dollar move and what influenced its change?
The Australian dollar weakened by about half a cent, trading at US102.23¢ at 5pm, down from US102.77¢ on Friday. The loss came after the currency failed to hold weekend gains that followed a strong print on Chinese exports.
What economic data should everyday investors watch that could shape the Australian market this week?
Investors should watch upcoming Chinese data — including GDP and retail sales due later in the week — and US corporate earnings, both of which were flagged in the article as likely to shape the Australian market in the coming days.
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