The benchmark S&P/ASX 200 index closed down 0.1 per cent, or 3.1 points, to 4333.90, paring earlier losses and sharply outperforming bourses across Asia.
The Australian dollar slipped and was recently trading at $US1.028.
Said Peter Esho, chief market analyst at City Index: “The (equities) market is finding some support at current levels. We have been underperforming regional indices and the market is consolidating at current levels.”
The muted session tracked losses for US stocks overnight, which were precipitated after minutes from the latest Federal Reserve meeting on the interest rate signalled to investors that there was less need for another round of asset buying.
Amid diminishing expectations for quantitative easing by the US Fed, which had supported gold prices, futures trading in the precious metal fell in New York. Copper prices also ended lower.
Resource firms headed lower in Australia after the overnight weakness for commodity prices. The falls were exacerbated after data showed that Australia swung to a trade deficit of $480 million in February, falling far short of expectations for a $1.1 billion surplus.
Shares in index heavyweight BHP Billiton fell 1.3 per cent, Newcrest Mining lost 2.4 per cent and Fortescue Metals declined 1 per cent.
“The economic data coming out isn’t very good outside of employment,” Mr Esho said, “The Reserve Bank will move (in May), and if they don’t, we won’t get an improvement in the numbers.”
Transport firms notched sharp losses. Asciano slumped 2.7 per cent, QR National dropped 2.1 per cent and Toll Holdings eased 1.2 per cent.
Shares in Transfield Services plunged 11.7 per cent after the firm issued a profit downgrade yesterday, after the sharemarket had closed.
Defensive stocks were among today’s best performers.
ResMed jumped 2.7 per cent, while Primary Health Care and Ramsay Heath Care added 2.5 per cent each, and Cochlear traded up 1.6 per cent.
In the telecommunications sector, Telstra gained 0.9 per cent after an upgrade to 'neutral' by Bank of America-Merrill Lynch, while TPG Group and Telecom NZ each put on 0.8 per cent.
Financials showed broad strength - Westpac was up 1.4 per cent and National Australia Bank gained 0.7 per cent.
QBE Insurance Group shares surged 3.4 per cent after the company said it was well positioned to significantly improve its financial performance. The company also announced that chief executive Frank O’Halloran, who will relinquish his position in August, would return as a non-executive director of its board in 2013.
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