Australian shares ended the week almost where they began, as declines by mining and bank stocks erased almost half of yesterday's big advance.
The benchmark S&P/ASX200 index ended the day down 36.6 points, or 0.8 per cent, at 4449.4, while the broader All Ordinaries index was down 33.8 points, or 0.8 per cent, at 4472.4.
For the week, the ASX ended little changed, down about 0.2 per cent.
On Friday alone, materials shares sank 1.8 per cent, financials were off 0.9 per cent, while energy stocks were up 0.2 per cent.
What you need to know
- The Australian dollar was buying 84.4 US cents
- European shares advance in early trade, gaining 0.5%
- Asian shares were modestly lower, with MSCI off 0.4%
- Dow Jones futures were off 20 points at 10238
- Gold was little changed at $US1206
- Oil hovered above $US74
''It’s been a week of consolidation, with much smaller trading ranges and volumes dropping away slightly,'' City Index market strategist Michael McCarthy said.
He said the local bourse had stabilised somewhat following value buying over the past week, which had ''put a bit of a base under things''.
''We have had a calming of the storm - whether it’s the eye or the end, we can’t tell at this stage.’’Mr McCarthy said investors had shied away from resources and bank stocks but were backing defensive stocks such as Coca Cola and Fosters.
Coca-Cola finished up 20 cents, or 1.81 per cent, at $11.25 and Fosters was six cents firmer at $5.65.
Miners, banks
BHP Billiton was down 87 cents, or 2.25 per cent, at $37.87 and Rio Tinto gave up $1.46, or 2.11 per cent, at $67.59 amid weaker metals prices.
In the banking sector, Commonwealth Bank was down 48 cents at $51.47, ANZ lost 11 cents to $22.64 and Westpac was 32 cents lower at $22.76.
National Australia Bank was down 73 cents, or 2.91 per cent, at $24.36 after going ex-dividend.
NAB said it was in talks with takeover target AXA Asia Pacific Holdings and the competition regulator over a possible divestment of AXA's North investment platform.
AXA was up six cents at $5.98 while its other suitor AMP inched one cent higher to $5.80.
Mr McCarthy said healthcare was a standout, with ResMed and Ramsay Health Care hitting all-time highs this week.
ResMed closed 13 cents higher at $7.83 on Friday, while Ramsay added two cents to $14.52.
''People need to spend on their health and food regardless,'' Mr McCarthy said.
Among key retailers, Woolworths was down 27 cents at $27.01 and Coles owner Wesfarmers slipped 32 cents to $29.09.
Oil, gold
Making headlines, US-focused oil and gas producer Petsec Energy says the deepwater exploration drilling ban in the Gulf of Mexico does not affect its leases because they are in shallow water.
Shares in Petsec were up half a cent at 23.5 cents.
In the energy sector, Woodside shares were down 21 cents at $43.99, Santos shares were up 22 cents at $12.92 and Oil Search eased three cents to $5.66.
Among media stocks News Corp gained 16 cents to $18.33, its non-voting scrip was four cents higher at $15.82, Fairfax was steady at $1.495 and Consolidated Media inched one cent higher to $3.26.
The price of gold in Sydney at 1631 AEST was $US1,203.60 per fine ounce, down $US20.41 on Thursday’s close of $US1,224.01.
Among gold miners, Lihir was unchanged at $4.02 and Newcrest was nine cents lower at $32.41.
The top-traded stock by volume was gold and base metals explorer Excalibur Mining, with 138.2 million shares worth $600,856 changing hands.
Excalibur was down 0.1 of a cent, or 16.67 per cent, at 0.5 cents after it downgraded the resource estimates at three projects in the Northern Territory.
Preliminary national turnover was 1.85 billion shares worth $4.63 billion, with 433 stocks up, 588 down and 387 unchanged.
On the Sydney Futures Exchange at 1620 AEST, the June share price index futures contract was 22 points lower at 4,464 points, on volume of 28,372 contracts.
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AAP