PERTH: Major resource companies BHP Billiton and Rio Tinto both slipped into the red after posting solid gains early in the session while law firm Slater & Gordon led the bourse lower throughout the day as its shares plunged in the wake of a UK government move to crack down on whiplash fraud.
At the 4.15pm (AEDT) official market close, the benchmark S&P/ASX200 index was down 8.1 points, or 0.16 per cent, at 5202.6, while the broader All Ordinaries index declined 8.3 points, or 0.16 per cent, to 5251.4.
The weak tone was also reflected in major Asian markets amid disappointing economic releases. Profits earned by China’s industrial companies dropped 4.6 per cent from a year earlier in October, according to the National Bureau of Statistics. In Japan, a key inflation gauge showed prices fell in October from a year ago, while spending by households also declined.
“General market sentiment clearly moved down after developments in Asia,” IG market analyst Angus Nicholson said.
Australia’s benchmark declined 1 per cent for the week after jumping 4 per cent in the previous five days to post its third-best week of the year.
Oroton Group was a bright spot in the market after it reported comparable stores sales were up 8 per cent in the first 17 weeks of the year, providing some optimism as retailers look toward the key Christmas trading period. The company’s shares rose 9.2 per cent to $2.84.
The consumer discretionary sector ended the day up 0.2 per cent while consumer staples were down 0.77 per cent. Woolworths lost 1.08 per cent while Wesfarmers was down 0.55 per cent to $38.32.
Materials lost 0.41 per cent as BHP Billiton slipped further below the $20 market, ending the day down 0.9 per cent at $18.77. Rio Tinto, which approved a $US1.9 billion Queensland bauxite project, fell 0.56 per cent to $46.23.
Financials lost 0.12 per cent with the banks losing momentum during the afternoon. National Australia Bank was unchanged at $29.69. Westpac edged 0.09 per cent higher to $32.12, Commonwealth Bank lost 0.12 per cent to $80.12 and ANZ fell 0.8 per cent to $27.34.
