The Australian sharemarket has closed slightly lower as investors took profits on stocks that rose steadily during the week, but recorded its strongest weekly gain since late last year.
The benchmark S&P/ASX200 index eased 7.6 points, or 0.18 per cent, to 4,199.1 points, while the broader All Ordinaries index dipped 5.8 points, or 0.14 per cent, to 4,230.6 points. While the week ended softly, a gain of 2.85 per cent for the week was the strongest result since the start of last December.
On the ASX 24, the September share price index futures contract was up three points at 4,163 points, with 24,742 contracts traded, according to preliminary calculations.
IG Markets market strategist Stan Shamu said investors appeared to be taking a breather after a decent run upwards by the overall market during the week.
"Today there seemed to be a lack of fresh positive drivers on Asian markets," he said.
"There's just been a lot of profit-taking and quiet consolidation. Investors are happy to lock in some of the gains from the week."
Mr Shamu said it was hard to tell where the next driver for global markets would come from.
He said there were still plenty of issues in focus, including the economic health of Spain, the potential of further economic stimulus in the US and China, and the results of the current company earnings season in the US.
Among the major banks, Westpac fell 10 cents to $22.85, ANZ reversed 16 cents to $23.07, National Australia Bank shed nine cents at $23.99, and Commonwealth Bank retreated 78 cents to $55.12.
In the resources sector, global miner BHP Billiton advanced 26 cents at $31.36, and Rio Tinto rose three cents to $53.39.
Uranium explorer Energy and Minerals Australia was 0.9 cents higher at nine cents after it said the prompt granting of a mining licence for its Mulga Rocks project boosted confidence that it will go into production.
Broadcaster Ten Network was one cent higher at 51.5 cents, after it agreed to sell its outdoor advertising business Eye Corp to Outdoor Media Operations for up to $145 million.
Energy infrastructure investor Hastings Diversified Utilities Fund jumped 13 cents to $2.48 amid expectations that suitor APA Group could increase its hostile takeover offer after the competition watchdog giving the green light to the deal.
Sydney Airport ascended seven cents to $3.08 after it recorded its best June on record for international and domestic passenger numbers.
Preliminary national turnover was 1.36 billion securities worth $3.77 billion, with 395 stocks down, 496 up and 331 unchanged.
AAP