Close Australian stocks lost more than half a per cent today, as weaker commodities prices hit miners and gold stocks.
At the close, the benchmark S&P/ASX200 index was down 25.7 points, or 0.6 per cent, at 4676.5, while the broader All Ordinaries fell 26 points, or 0.6 per cent, to 4695.2.
Materials stocks were down 1.8 per cent, industrials were down 0.3 per cent and financial stocks fell 0.2 per cent.
Dealers said a view that the US Federal Reserve may begin raising interest rates sooner than previously thought was boosting the US dollar and weighing on resource firms.
need2know:
- Asian shares buoyed by strong US jobs report
- The dollar dips to 91.5 US cents, as the USD rises
- Gold falls below $US1150 as caution grows
- Oil rises to $US76 on recovery hopes
- Dow futures are 15 points lower at 10,385
IG Markets research analyst Ben Potter said a sharp rise in the US dollar had sent commodity prices south, and financial stocks were also weaker.
The US dollar lifted in the wake of better than expected US jobs data for November, which prompted speculation that US interest rates will rise.
‘‘The market looks tired. Investors seem happy to lock in profits following a tough year, seemingly wanting to rule a line through 2009 and come back refreshed in the new year,’’ Mr Potter said. ‘‘Having said that, the market doesn’t seem overly concerned as volumes are light and selling is orderly.’’
Among the major banks, Commonwealth Bank shed 17 cents to $53.79, National Australia Bank sagged 10 cents to $28.00 and ANZ eased 3 cents to $21.95.
Westpac retreated 15 cents to $23.89, as it elevated the head of the bank’s BT Financial arm to lead its retail and business banking business.
In the resources sector, global miner BHP Billiton fell 79 cents to $40.61. Rio Tinto descended 26 cents to $71.59 as it moved its investments in carbon capture and storage technology away from natural gas feedstock and towards coal and petcoke.
Oil and gas producer Woodside Petroleum was 80 cents poorer at $48.30 and Santos sagged 15 cents to $14.75.
Origin Energy was two cents richer at $15.73 as it was prevented from buying the full 51.55 per cent stake in the Otway Gas Project it sought from Woodside Energy, after a joint-venture partner decided to exercise its pre-emption right in the project.
In the gold sector, Newmont was off 19 cents at $5.63, Newcrest slumped $2.30 to $36.00 and Lihir lost 17 cents to $3.36.
Telco Telstra firmed 3 cents to $3.45, and Optus-owner Singapore Telecommunications was steady at $2.35.
Retailer Woolworths was 15 cents lower at $27.65 and Wesfarmers, which owns Coles, scraped off 1 cent at $28.79.
In the media sector, News Corp was 57 cents heavier at $15.72, and its non-voting stock was also up 57 cents, at $13.27.Consolidated Media hovered at $3.10 and Fairfax slipped 1.5 cents to $1.62.
The top-traded stock by volume was oil and gas explorer Monitor Energy, with 252.8 million shares worth $1.01 million changing hands. Monitor Energy was up 0.1 cents at 0.4 cents.
Preliminary national turnover was 2.65 billion shares worth $4.42 billion, with 681 stocks down, 430 up and 306 unchanged.
